China Trade Information

Domestic gasoline and diesel prices will lower by NT$0.9 and NT$1 per liter, respectively, for the second week in a row beginning today, to reflect the decline in average international crude oil prices over the most recent trading days.

The state-owned oil company CPC Corp. Taiwan said the price of 92 unleaded gasoline will be reduced to NT$32.5 per liter and that of diesel to NT$30.3 under the new floating price mechanism.

Formosa Petrochemical Co., CPC Corp.’s chief rival in the private sector, also shaved its gasoline and diesel prices by the same rate, to NT$32.5 and NT$30.9 per liter, respectively.

Formosa executives said the actual retail prices at the pump will still be set by the operators of each individual gas station to flexibly reflect the various market conditions at different places.

The new floating price mechanism, introduced Aug. 7 to review prices weekly versus the previous practice of resetting the price monthly, adjusts domestic oil prices based on international average oil prices during the period from the previous Friday to Thursday.

The new prices now become effective at the start of every Saturday.

The CPC Corp. decided on its first adjustment last Friday after the new mechanism was introduced, slashing gasoline and diesel prices by NT$2 and NT$2.2 a liter, respectively, due to cheaper crude oil prices induced by slow demand due to weakening economy in most nations.

Tags: Fuel, gasoline

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