Fuels such as gasoline and diesel to drop by NT$1.1 and NT$1.4 respectively in domestic prices.
Fuel Prices Taking a Dive in Taiwan's Stations
Get ready to fill up your tanks for less as gasoline and diesel prices are about to dive this week! Taiwan's major fuel suppliers, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化), have announced a price drop of NT$1.1 and NT$1.4 per liter for gasoline and diesel, respectively.
The decision comes after a continued drop in international crude oil prices for two weeks in a row, as market anxieties about a potential global recession due to ongoing US-China trade disputes cloud the horizon, dampening oil demand. Adding fuel to the fire, concerns over plans by Saudi Arabia and some OPEC+ members to ramp up crude oil production next month have put more pressure on these prices.
As a result, front-month Brent and West Texas Intermediate crude oil futures - the international and US benchmarks, respectively - tumbled last week, with Brent dropping 6.85 percent to US$61.29 per barrel, and West Texas crude plummeting 7.51 percent to US$58.29 per barrel[1].
With these recent adjustments, the cost of gasoline will be NT$27.2, NT$28.7, and NT$30.7 per liter for 92, 95, and 98-octane unleaded gasoline, respectively. Premium diesel will now cost NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps[1].
These domestic price cuts, amid rising international crude oil prices, suggest that the companies are managing to strike a balance between market conditions and consumer needs[2]. While global oil prices may be in turmoil, it's good news for drivers in Taiwan!
[1] - Information from CPC Corp, Taiwan and Formosa Petrochemical Corp announcements.[2] - Based on recent patterns in price adjustments and international crude oil prices.
The price drops announced by Taiwan's fuel suppliers CPC Corp and Formosa Petrochemical Corp are influenced by a decline in international crude oil prices, which have been affected by global economic uncertainties and potential oil production increases. As a result, the cost of gasoline and premium diesel will decrease, with gasoline priced at NT$27.2, NT$28.7, and NT$30.7 per liter for 92, 95, and 98-octane unleaded gasoline, respectively, and premium diesel at NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps.
