TAIPEI (CNA) — Taiwan’s two major fuel suppliers on Sunday announced significant cuts to their diesel and gasoline prices this week, citing increased oil production and a bleak global economic outlook due to the COVID-19 coronavirus pandemic.
With the NT$3.8 (US$0.12) reduction in the price per liter for gasoline and NT$4 per liter for diesel, fuel prices in Taiwan will fall to the lowest in four years.
Effective midnight Sunday, CPC Corp., Taiwan’s retail gasoline prices of will drop to NT$20.30 per liter for 92 octane unleaded, NT$21.80 per liter for 95 octane unleaded, and NT$23.80 per liter for 98 octane unleaded, the lowest since March 2016, the state-run company said.
For super diesel, the retail price will be lowered to NT$17.70 per liter, CPC said.
The reduction in fuel prices is also the biggest single cut since CPC launched a floating oil-price mechanism in January 2007 to calculate its fuel prices based on global oil prices, according to the company.
The previous records were on Oct. 11, 2008 when CPC reduced its gasoline and diesel prices by NT$2.3 and NT$2.5 per liter, respectively.
Meanwhile, CPC’s main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical price cuts, which will take effect 1 a.m. Monday.
The privately run FPCC said prices at its gas stations will be NT$20.30 per liter for 92 octane unleaded, NT$21.70 per liter for 95 octane unleaded, NT$23.80 per liter for 98 octane unleaded, and NT$17.50 per liter for diesel.