CPC, Formosa fuel prices to drop for a third week
By Chen Cheng-hui / Staff reporter
Domestic gasoline and diesel prices are to drop for a third consecutive week, even though international crude oil prices continued to increase last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
Effective today, gasoline and diesel prices at CPC and Formosa stations are to decrease by NT$0.2 per liter, following a cut of NT$0.1 per liter the previous week.
CPC said that based on its floating oil price formula, the cost of crude oil last week increased 1.07 percent from a week earlier as international oil prices rose slightly from the previous week due to fears of a wider conflict in the Middle East.
Apart from the escalating cross-border tensions between Israel and Lebanon’s Hezbollah, market expectations of increased demand for oil products over summer also helped buoy crude prices last week, Formosa said.
Following the adjustments, gasoline prices at CPC and Formosa stations are to fall to NT$28.9, NT$30.4 and NT$32.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel is to cost NT$26.4 per liter at CPC stations and NT$26.2 at Formosa pumps.
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