By Chen Cheng-hui / Staff reporter
CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） yesterday announced that they would cut gasoline prices by NT$0.3 per liter this week amid falling international crude oil prices.
However, the companies said they would raise diesel prices by NT$0.1 per liter, following a NT$0.1 increase last week.
Effective today, gasoline prices at CPC stations are to drop to NT$26.5, NT$28 and NT$30 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to increase to NT$24.2 per liter, the state-run refiner said.
Formosa said the prices of 92, 95 and 98-octane unleaded gasoline at its stations would drop to NT$26.5, NT$28.1 and NT$30 per liter respectively, while the price of premium diesel would rise to NT$24 per liter.
Formosa said that last week’s drop in global crude oil prices was due to the resumption of nuclear talks between the US and Iran, sparking the expectation that some sanctions on the country might be dropped, leading to the resumption of its oil exports.
News that OPEC and its allies would next month increase production also contributed to the price trend, Formosa said.
CPC said that Saudi Arabia’s announcement that it would from next month gradually scale down its output cut also contributed to the drop.
CPC’s weighted oil price formula — composed of 70 percent Dubai crude and 30 percent Brent crude — showed that the refiner’s average crude oil costs decreased 2.22 percent last week from a week earlier.