By Chen Cheng-hui / Staff reporterCPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said that they would lower gasoline and diesel prices this week by NT$0.9 per liter for gasoline and NT$1 per liter for diesel, after global crude oil prices fell last week amid concerns that a coronavirus outbreak that began in China would dent global growth and market demand. Based on CPC’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs fell to US$58.45 per barrel last week, from US$63.32 a week earlier. After factoring in the depreciation of the New Taiwan dollar, which last week was down by NT$0.276 against the US dollar, gasoline prices should be reduced by 5.47 percent this week, CPC said. From today, prices at CPC gas stations are to be NT$25.9, NT$27.4 and NT$29.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$23.7 per liter, it said. Formosa Petrochemical cut its 92, 95 and 98-octane unleaded gasoline to NT$25.9, NT$27.3 and NT$29.4 per liter respectively, with premium diesel dropping to NT$23.5 per liter.

Source: Taipei Times February 02, 2020 15:56 UTC