Taipei, Aug. 11 (CNA) Taiwan's two major fuel suppliers announced sizable reductions in fuel prices for the coming week, reflecting a fall in international crude oil prices due to concerns over heightened trade tensions between the United States and China.
State-run oil refiner CPC Corp. Taiwan said its gasoline prices will be lowered by NT$0.90 (US$0.029) per liter, while its diesel prices will be cut by NT$1.00 per liter, effective midnight Sunday.
The reductions are the second largest for any week this year. The biggest cuts came on June 10 when gasoline prices were lowered by NT$1.4 per liter and diesel prices were reduced by NT$1.5 per liter.
After the latest adjustments, retail prices at CPC gas stations will be NT$26.30 per liter for 92 octane unleaded, NT$27.80 per liter for 95 octane unleaded, NT$29.80 per liter for 98 octane unleaded and NT$24.10 per liter for super diesel.
The lower prices reflected a fall in global crude oil prices this past week due to the ongoing U.S.-China conflict over trade, exacerbated when Beijing decided to let the Chinese yuan fall to offset the impact of new U.S. tariffs.
As a result, crude prices dropped to US$58.04 per barrel last week based on CPC's weighted oil price formula, down from US$62.75 a week earlier.
Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp. (FPCC), announced identical price adjustments Sunday, which will take effect at 1 a.m. Monday.
After the adjustments, prices at FPCC gas stations nationwide will be NT$26.30 per liter for 92 octane unleaded, NT$27.70 per liter for 95 unleaded, NT$29.80 per liter for 98 unleaded and NT$23.90 per liter for super diesel, the company said.
Source: Focus Taiwan News Channel