Revised Article:
Decline in Domestic Gasoline and Diesel Prices: Reductions of NT$1.1 and NT$1.4 Respectively
Hey! Let's talk about the recent developments in fuel prices, shall we?
Turns out, it seems like the prices of gasoline and diesel aren't dropping as expected this week, contrary to a reported statement made this week by CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化).
It appears that international crude oil prices have been on a downward spiral due to growing fears of a global recession triggered by persisting US-China trade disputes and a potential dampening of oil demand. Additionally, ongoing plans proposed by Saudi Arabia and some OPEC+ members to increase crude oil production next month put more pressure on these prices.
As per reports, the front-month Brent crude oil futures, which serve as the international benchmark, fell by 6.85% last week, ending at $61.29 per barrel on the Intercontinental Exchange. Meanwhile, West Texas Intermediate crude oil futures, the US benchmark, plunged by 7.51% to $58.29 per barrel on the New York Mercantile Exchange.
However, here's the interesting part! Contrary to the mentioned report, it has been reported that gasoline prices did not decrease, and diesel prices even saw a minor hike by NT$0.2 per liter due to a 1.15% rise in crude oil import costs linked to Brent and WTI futures fluctuations.
So, as of now, the prices at the pumps for gasoline (92, 95, and 98-octane unleaded gasoline) and premium diesel remain the same as before, rather than falling as anticipated. Keep an eye on developments for any changes.
- Although international crude oil prices have been decreasing due to various factors, the contrary has happened in Taiwan, as reported by CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化).
- Surprisingly, even though the front-month Brent crude oil futures fell last week, the cost of gasoline did not decrease as expected, and premium diesel prices experienced a minor hike by NT$0.2 per liter.
- This increase in diesel prices in Taiwan can be attributed to a 1.15% rise in crude oil import costs that are linked to the fluctuations in both Brent and WTI futures.
- With the current financial and energy landscape, it's crucial for the industry players in Taiwan to keep a keen eye on any future developments that may bring changes to fuel prices in the country.
