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May 30, 2017

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Fuel prices lowered NT$0.1 a liter

The China Post news staff--Taiwan's two major refiners have lowered gasoline and diesel prices in spite of more expensive international oil, as appreciation of the New Taiwan dollar made imports cheaper.

Both CPC Corp. and Formosa Petrochemical this morning cut gasoline and diesel prices both by NT$0.1 a liter. With the price adjustment, CPC Corp., the state refiner, is selling 92-, 95- and 98-grade gasoline at NT$34, NT$35.5 and NT$37.5 a liter, respectively, and super diesel at NT$32.9 a liter.

Formosa Petrochemical, CPC's main competitor, is meanwhile offering its 92-, 95- and 98-grade products at NT$33.9, NT$35.5 and NT$37.7, respectively, and diesel at NT$32.9.

According to CPC, international oil prices have gone up on various factors, including better-than-expected September industrial output figures released by the United States, and lingering tensions between Syria and Turkey.

The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, increased to US$111.56 per barrel, up US$0.22 from the US$111.34 a week earlier. The rise was however erased by an NT$0.111 appreciation of the New Taiwan dollar. The figures translate into a price drop of 0.14 percent, or NT$0.1 a liter for both local gasoline and diesel.

CPC stresses that oil prices go up and down and said it will continue to monitor prices carefully. It noted that Taiwan fuel prices are lower compared to neighboring countries and urges the public to save on fuel and conserve energy.

The company also stressed that there are 112 CPC stations island-wide providing self-service pumps, through which consumers can save NT$0.8 a liter. The public is encouraged to use them.

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