Gasoline, diesel costs dip regardless of climbing oil prices

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  • By Chen Cheng-hui / Staff Reporter

Gasoline and diesel prices will fall NT$0.1 a liter this week despite rising international crude oil prices, Taiwan’s CPC Corp (CPC, CNPC) and Formosa Petrochemical Corp (Formosa Petrochemical) announced yesterday.

Starting today, gasoline prices at CPC stations are expected to fall to NT$30.1, NT$31.6 and NT$33.6 per liter for 92, 95 and 98 octane unleaded gasoline, respectively, while the price of premium diesel will rise sharply The state-run refiner said in a statement that it will drop to NT$27.9 per liter.

Influenced by factors such as Germany’s call for an EU embargo on Russian oil and the arrival of peak holiday holiday season in the northern hemisphere, international crude prices rose last week from the previous week, CPC said.

Another factor weighing on the global oil market was a continued decline in US crude oil and gasoline inventories over the past week, Formosa said in a separate statement.

Based on CPC’s floating oil price formula, the cost of crude oil rose 0.8 percent last week from the previous week, and the refiner said it will raise gasoline prices by NT$5.3 a liter and diesel prices by NT6.8 this week $ per liter should have increased.

However, in line with government policy aimed at keeping consumer prices stable and fuel prices in Taiwan lower than neighboring markets, CPC said it will absorb the increases by implementing a price stabilization mechanism.

Formosa Petrochemical said the price of 92, 95 and 98 octane unleaded petrol is set to fall to NT$30.1, NT$31.6 and NT$33.6 per liter respectively, while premium diesel will drop to NT$27 .7 NT$ per liter.

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