Taiwan fuel prices rolled back after three consecutive rises

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