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Fuel prices to fall in Taiwan in coming week

Fuel prices to fall in Taiwan in coming week

Taipei, Sept. 13 (CNA) Domestic gasoline and diesel prices will fall by NT$0.3 (US$0.009) and NT$0.4 per liter, respectively, on Monday to reflect a decline in international crude oil prices over the past week, suppliers said Sunday. State-owned CPC Corp. Taiwan (??) announced it will cut gasoline prices by NT$0.3 per liter and diesel prices by NT$0.4 per liter after increasing prices by NT$1.0 per liter for gasoline and NT$1.2 per liter for diesel last week, the highest weekly price increase in six months. After the reductions, the new prices will be NT$20.9 per liter for super diesel, and NT$23.1, NT$24.6 and NT$26.5 per liter for 92, 95 and 98 octane unleaded gasoline, respectively, according to the company. Privately run Formosa Petrochemical Corp. (????) announced that it will reduce its gasoline and diesel prices by the same level at 1 a.m. Monday. Formosa Petrochemical's new prices will be NT$23 per liter for 92 octane unleaded, NT$24.5 per liter for 95 octane unleaded, NT$26.8 per liter for 98 octane unleaded and NT$20.6 for super diesel. The CPC calculates the oil price that decides its weekly fuel price adjustments based on a weighted oil price formula consisting of 70 percent Dubai crude and 30 percent Brent crude. Because of wide swings in international oil prices recently, international financial institutions have given divergent forecasts on oil price movements, CPC President Paul Chen (???) said, citing a Goldman Sachs forecast that crude oil will fall to about US$25 per barrel while other institutions put it at US$60 per barrel. Chen said that in the short term, international oil prices are expected to hover between US$40-US$50 per barrel. But he believed there will be further downward pressure on oil prices once Iran rejoins the global oil market after sanctions on its economy are lifted as a result of a nuclear deal it signed with the United States and other powers. (By Chiu Po-shen and Evelyn Kao)


Updated : 2021-09-28 01:29 GMT+08:00