Taipei, Taiwan's two major fuel suppliers announced reductions in fuel prices for the coming week after three consecutive weeks of price hikes, in reflection of a fall in international crude oil prices due to concerns about the global economic outlook and a slowdown in global demand.
Effective midnight Sunday, the price of CPC Corp., Taiwan gasoline and diesel will fall NT$0.40 per liter, the state-run oil refiner announced.
With the adjustments, retail prices at CPC gas stations will be NT$27.20 (US$0.87) per liter for 92 octane unleaded, NT$28.70 per liter for 95 octane unleaded, NT$30.70 per liter for 98 octane unleaded, and NT$25.10 per liter for super diesel.
Concerns over a gloomy economic outlook for the second half of this year and slowing demand for crude oil amid a supply glut resulted in the drop in international crude prices last week, CPC said.
Crude dropped to US$62.90 per barrel last week in CPC's weighted oil price formula, down from US$64.71 a week earlier.
Meanwhile, CPC's main competitor, privately-owned Formosa
Petrochemical Corp. (FPCC), announced identical price adjustments Sunday, which will take effect at 1 a.m. Monday.
After the adjustments, prices at FPCC gas stations nationwide will be NT$27.20 per liter for 92 octane unleaded, NT$28.60 per liter for 95 unleaded, NT$30.70 per liter for 98 unleaded and NT$24.90 per liter for super diesel, the company said.
Source: Focus Taiwan News Channel