• By Chen Cheng-hui / Staff Reporter

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday that they will cut gasoline and diesel prices by NT$0.1 per liter this week, the fifth week in a row of falling prices.

Effective today, gasoline prices at CPC stations drop to NT$30.2, NT$31.7 and NT$33.7 per liter for octane unleaded gasoline 92, 95 and 98, respectively, while the price of premium diesel drops to NT$28 per litre, the CPC said in a statement. .

CPC made price cuts after a drop in international crude oil prices last week, when Saudi Arabia announced it would cut prices for shipments to Asia next month, as well as implementing by undertaking a domestic fuel price stabilization mechanism.

Based on the public company’s floating oil price formula, the cost of crude oil fell 0.97% last week from the previous week, CPC said.

Formosa prices for 92, 95 and 98 octane unleaded gasoline would decrease to NT$30.2, 31.7 and 33.7 per liter respectively, while premium diesel would cost NT$27.8 per litre, he said in a separate statement.

Global crude oil prices fluctuated in volatile trading last week, with market sentiment hurt by Hungary’s opposition to EU sanctions on Russian oil, a strengthening US dollar against six major currencies and the reduction of gas supplies from Russia to Europe, Formosa said.