By Chen Cheng-hui / Staff reporter
Prices of gasoline and diesel products at domestic fuel stations are to drop NT$0.9 and NT$1.4 per liter respectively this week, after international crude oil prices sank to their lowest in more than four years last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices slumped on fears of a US tariff-induced economic recession that would dent demand for crude oil, the companies said in separate statements.
Front-month Brent crude oil futures — the international benchmark — fell 1.25 percent last week to US$64.76 per barrel on the Intercontinental Exchange on Friday, while West Texas Intermediate crude oil futures — the US benchmark — dropped 0.79 percent to US$61.5 per barrel on the New York Mercantile Exchange.
Based on the CPC’s floating oil price formula, the cost of crude oil dropped 10.97 percent last week from a week earlier, the company said.
Effective today, gasoline prices at CPC and Formosa stations are to fall to NT$27.9, NT$29.4 and NT$31.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$26.5 per liter at CPC stations and NT$26.3 at Formosa pumps, the companies said.