Taipei--Formosa Petrochemical Corp. (????), a privately owned fuel supplier, said Saturday that it will lower its domestic gasoline and diesel prices for next week, echoing a mild decline in international crude oil prices this week.
Renewed concerns over a supply glut sent crude oil prices lower in the world market, which prompted Formosa Petrochemical to cut gasoline and diesel prices by NT$0.1 (US$0.003) per liter for next week, effective at 1 a.m. Monday.
It was the second consecutive week for the Taiwanese gasoline vendor to send its domestic fuel prices lower after a NT$0.1 reduction per liter for this week.
After the price cut, fuel prices at Formosa Petrochemical gas stations islandwide will fall to NT$22.2 per liter for super diesel, NT$24.7 per liter for 92 octane unleaded, NT$26.2 per liter for 95 unleaded and NT$28.5 per liter for 98 unleaded.
For this week, West Texas Intermediate crude futures dropped 0.9 percent in New York, while Brent crude, the global benchmark, lost about 1.6 percent.
Crude oil prices fluctuated throughout this week between an increase in oil inventories in the U.S. market and an upbeat mood toward an output reduction deal inked by the Organization of the Petroleum Exporting Countries (OPEC) and other oil exporters to cut output by 1.8 million barrels a day, market analysts said.
A report released by the U.S. Energy Information Administration showed that crude stocks in the U.S. market rose 9.5 million barrels in the week ending Feb. 10, creating a bearish sign for the global oil market, analysts added.
However, market sentiment improved to some extent by a media report which said the OPEC members are likely to take further action beyond the original output cut deal, which capped the downturn suffered by crude oil prices, analysts said.
At home, a stronger Taiwan dollar against the U.S. dollar made crude oil imports cheaper, leading Formosa Petrochemical to announce the latest domestic fuel price cut, analysts added.
The Taiwan dollar rose NT$0.255 or 0.82 percent against the greenback on the back of massive fund inflows this week. State-owned CPC Corp., Taiwan (??), the main competitor of Formosa Petrochemical, is expected to announce a similar price adjustment Sunday, with the decline taking effect at midnight.
Source: Focus Taiwan News Channel
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