By Chen Cheng-hui / Staff reporter
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements.
Global crude oil prices dropped last week after the eight OPEC+ members said they would proceed with a plan to begin increasing crude oil output from next month as planned, the companies said.
Concerns over a potential demand hit due to higher US tariffs on imports from Canada, Mexico and China also weighed on market sentiment and led to a decline in oil prices, they added.
Front-month US West Texas Intermediate crude oil futures fell 3.9 percent last week to US$67.04 per barrel at the New York Mercantile Exchange, extending their decline for a seventh straight week, while Brent decreased 3.36 percent to US$70.36 per barrel at London’s ICE Stock Exchange, its third consecutive weekly decline.