TAIPEI — Gasoline and diesel prices in Taiwan are expected to fall further next week, reflecting the growing weakness of the international oil market, sources said Friday.
State owned CPC Corp., Taiwan is expected to reduce its fuel prices by NT$0.2 (US$0.006) per liter next week, after lowering gasoline prices by NT$0.7 per liter and diesel prices by NT$0.8 per liter this week.
International oil prices have been near multi year lows due to abundant global supplies, but the decline in gasoline and diesel prices in Taiwan has slowed as U.S. crude inventories have been falling, according to the sources.
With the expected cut in domestic fuel prices next week, 92 octane unleaded gasoline will drop to less than NT$20 per liter for the first time since Dec. 17, 2003, when it was NT$19.6, according to CPC.
If the price reduction is implemented next week as expected, prices at CPC pumps will fall to NT$17.4 per liter for super diesel, NT$19.9 per liter for 92 octane unleaded gasoline, NT$21.4 per liter for 95 octane unleaded gasoline and NT$23.4 per liter for 98 octane unleaded gasoline.
CPC’s weekly floating price formula shows that oil prices averaged US$33.26 per barrel as of Dec. 24, down from US$34.06 the previous week.
CPC is expected to announce the price adjustments at noon on Sunday for them to take effect after midnight.