Taiwan's two major fuel suppliers announced cuts Sunday to their diesel and gasoline prices this week, dropping domestic fuel prices to their lowest level in 20 years.
Effective from midnight Sunday, the state-run petroleum refiner CPC Corp., Taiwan will cut its retail gasoline prices per liter by NT$0.9 (US$0.03) and NT$1.0 per liter for diesel, it said.
After the adjustments, prices at CPC pumps will drop to their lowest levels since February 2000, with NT$16.1 per liter for 92 octane unleaded, NT$17.6 per liter for 95 octane unleaded and NT$19.6 per liter for 98 octane unleaded, according to CPC data.
For super diesel, retail prices will be lowered to NT$13 per liter, the lowest since November 1999, CPC said.
The low prices are a result of falling demand for crude oil in the United States amid the COVID-19 coronavirus pandemic, coupled with overproduction and dwindling storage space, which has forced West Texas Intermediate (WTI) crude oil prices into negative territory for the first time in history this past week.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), announced identical price cuts Sunday, to take effect at 1 a.m. Monday.
After the cuts, prices at FPCC gas stations will be NT$16.1 per liter for 92 octane unleaded, NT$17.5 per liter for 95 octane unleaded, NT$19.6 per liter for 98 octane unleaded and NT$12.8 per liter for diesel.