Fuel prices set to decline by NT$0.1 per liter this week
By Ted Chen, The China PostTAIPEI, Taiwan -- Fuel prices are set to fall for a fourth consecutive week, with the CPC announcing a reduction of NT$0.1 per liter for gasoline and diesel starting at midnight March 18.
March 18, 2013, 12:15 am TWN
After the price adjustment, the per liter price of 92, 95, and 98-octane leadless gasoline will be NT$33.4, NT$34.9, and NT$36.9, respectively, with the price of premium diesel anticipated to fall to NT$32.3 per liter, according to projections based on the CPC's floating price index.
Under the influence of the International Energy Agency's (IEA) forecast of reduced fossil fuel demands this quarter, the ramping up of oil stocks in the U.S., and lagging economic growth indicators in Germany and France, the international oil price has been decreasing steadily, according to the CPC, with this week's floating price index falling to US$106.33 per barrel, down US$0.88 from last week's US$107.21. Meanwhile, the New Taiwan Dollar lost NT$0.038 against the U.S. dollar.
This week's price reduction will represent a 0.56-percent drop. Further, it represents a cumulative price reduction of NT$1.5 per liter over a four week period, which has paralleled a decline in international oil prices.
Meanwhile, the Formosa Petrochemical Corp. (FPCC) announced that starting 1 a.m. on March 18, the price of gasoline and premium diesel will be decreased by NT$0.1 per liter.
After the price adjustment, the per liter price of 92, 95, and 98-octane leadless gasoline will be NT$33.3, NT$34.9 and NT$37.1, respectively, at all FPCC gas stations, with the price of premium diesel anticipated at NT$32.3 per liter, according to the company.