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Gasoline and diesel prices to dip by NT$0.3, NT$0.4

TAIPEI, Taiwan -- Effective today, gasoline and diesel prices are to be lowered by NT$0.3 and NT$0.4 per liter, respectively, the nation's two refineries announced yesterday.

After the adjustment, the prices for 92-octane, 95-octane and 98-octane unleaded gasoline at state-owned CPC Corp. stations stand at NT$33.4 a liter, NT$34.9 a liter and NT$36.9 a liter, respectively, while the price of diesel comes in at NT$32.2 per liter.

Formosa Petrochemical, the privately run oil refiner, is following suit. Beginning at 1 a.m. today, Formosa is selling its 92-octane, 95-octane and 98-octane unleaded gasoline at NT$33.3 a liter, NT$34.9 a liter and NT$37.1 a liter, respectively, while the price of diesel comes in at NT$32.2 per liter.

As the Libya government and rebels began negotiations over the past week, it raised hopes that oil transit harbors in eastern Libya may be re-opened, consequently increasing Libya's oil exports. Formosa Petrochemical said that the recent de-escalation of tensions between Russia and Ukraine also contributed to international oil price reductions.

This week's 7D3B (70 percent Dubai and 30 percent Brent crude) price index was at an average of US$103.81 per barrel, down US$1.05 from last week's US$104.86, CPC said, adding that the New Taiwan dollar depreciated NT$0.171 against the greenback.

Following a domestic gasoline calculation formula, prices of gasoline and diesel decline NT$0.3 and NT$0.4, respectively, which is equivalent to a 1.24-percent reduction, the CPC said.

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