Taiwan refiners dip gasoline, diesel prices as a result of US supplies jump

Monday, Oct 20, 2008

The worry of not being able to make ends meet these days in the public may be alleviated given a sharp dip in oil prices.

Taiwans two oil refiners announced yesterday a decrease in gasoline and diesel prices by NT$2.0 and NT$2.2 per liter, respectively, to reflect international oil prices.

Gasoline-dependent people can save some money at the pump with a liter of regular gasoline for 92-unleaded gasoline down to NT$25.2 per liter, 95-unleaded NT$25.9, and 98-unleaded NT$27.4 at the pump stations of state-run Chinese Petroleum Corp (CPC) and NT$27.5 at private-owned Formosa Petrochemical Corp (FPC). Diesel price is NT$22.3 per liter at CPC and NT$22.9 at FPC.

The weekly calculation of the prices was based on the floating fuel oil product pricing system in response to crude oil price changes in the world market. In this way, the domestic oil prices can respect the market mechanisms and avoid the stimulation of price inflation due to adjustments in petroleum product prices.

For people driving mid-size sedans, they can now save NT$100 as compared to the amount of oil price last week when filling up their tanks.

Source: eTaiwan News