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Fuel prices in Taiwan to drop this week as crude oil slides

Fuel prices in Taiwan to drop this week as crude oil slides

Taipei, Sept. 20 (CNA) Domestic gasoline and diesel prices will fall by NT$0.4 (US$0.0124) per liter on Monday to reflect a decline in international crude oil prices over the past week, suppliers said Sunday. With effect from midnight Sunday, the new prices will be NT$20.5 per liter for super diesel, NT$22.7 per liter for 92 octane unleaded gasoline, NT$24.2 per liter for 95 octane unleaded gasoline and NT$26.2 per liter for 98 octane unleaded gasoline, according to the website of CPC Corp., Taiwan (??). The adjustment came after the state-run Kuwait National Petroleum Co. lowered prices for its Asian customers amid growing market concerns over a slowdown in the global economy triggered mainly by the recent weak performance of China's stock market, CPC said. CPC adjusts domestic fuel prices every week based on weekly changes in a weighted crude oil price index that comprises 70 percent Dubai crude and 30 percent Brent crude. CPC said the index fell US$1.41 per barrel from the previous week to US$45.31, translating into a 2.74 percent decline in local fuel prices. Privately run Formosa Petrochemical Corp. (????) also announced that it will lower its gasoline and diesel wholesale prices by NT$0.4 per liter with effect from 1 a.m. Monday. Formosa Petrochemical's new prices will be NT$20.2 per liter for super diesel, NT$22.6 per liter for 92 octane unleaded gasoline and NT$24.1 per liter for 95 octane unleaded gasoline -- all slightly cheaper than the prices of its competitor CPC. Its 98 octane unleaded gasoline, however, will remain higher than CPC's, at NT$26.4 per liter. (By Lin Meng-ju, Pan Chi-i and Jeffrey Wu)


Updated : 2021-09-25 01:50 GMT+08:00