Taipei, Formosa Petrochemical Corp., a privately owned fuel supplier, announced Saturday that it will cut domestic gasoline and diesel prices from 1:00 a.m. Monday to reflect increased output of shale oil in the United States.
With the move, Formosa Petrochemical's gas and diesel prices will go down by NT$0.6 and NT$0.7 per liter, respectively, which will result in 95 octane unleaded dropping to NT$27.2 per liter.
The fuel supplier said its 92 unleaded will be priced at NT$25.8 and 98 unleaded at NT$29.3, while its super diesel will be sold at NT$23.3 per liter.
Formosa Petrochemical's main competitor, state-owned CPC Corp. Taiwan, is likely to make similar price adjustments for next week.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.