Taiwan fuel prices drop by largest amount this year

Taiwan gasoline and diesel prices decrease for fourth consecutive week

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File photo: CPC Corp. fuel station in motion

File photo: CPC Corp. fuel station in motion (By Central News Agency)

TAIPEI (Taiwan News) – Fuel prices across Taiwan dropped by the greatest amount this year on Nov. 12, off the back of declining global crude oil prices, reported CNA.

This week’s fuel price drop brought on the fourth consecutive week of declining fuel prices.

Both state-owned CPC Corp and Formosa Petrochemical Corporation said the price decrease is in response to falling global crude oil prices due to strong supply by OPEC and Russia, as well as temporary wavering of some U.S. sanctions against Iranian oil exports.

At midnight on Nov. 12, gasoline and diesel fuel prices decreased by NT$0.7 (US$0.023) and NT$0.8 respectively.

CPC Corp. reports fuel prices will range from NT$28.5 to NT$32.0 per liter for various octane unleaded fuel, while diesel will sell for NT$26.5 per liter.

Formosa Petrochemical reports fuel prices will range from NT$28.5 to NT$32.0 per liter for various octane unleaded fuel, while diesel will sell for NT$26.2 per liter.