Gasoline, diesel prices decline for eleventh consecutive week
The China Post news staffCPC Corp. and Formosa Petrochemical, Taiwan's two major refiners, have again lowered gasoline and diesel prices this week by NT$0.1 a liter.
June 18, 2012, 12:12 am TWN
This will mark the 11th consecutive week both refiners have lowered fuel prices since April 9.
With the price adjustment, CPC Corp. is now selling 92-, 95- and 98-grade gasoline at NT$31.4, NT$32.9 and NT$34.9 a liter, respectively, and super diesel at NT$30.3 a liter.
Formosa Petrochemical meanwhile is offering 92-, 95- and 98-grade gasoline at NT$31.3, NT$32.9 and NT$35.1 a liter, respectively, and diesel at NT$30.3.
According to CPC, international oil prices dropped last week on a slowdown in the U.S. and European economies. The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, stood at US$96.64 per barrel, down US$0.46 from the US$97.1 for the previous week. That, coupled with a NT$0.018 appreciation of the New Taiwan dollar, translated into a price decline of 0.43 percent, or NT$0.1 a liter, for local gasoline and diesel.
As of now, CPC still has NT$0.3 a liter worth of gasoline and NT$0.1 worth of diesel fuel absorbed under a previous price absorption policy to stabilize the economy.