TAIPEI (Taiwan News) — Taiwan’s Chinese Petroleum Corporation (CPC) announced it will reduce gasoline and diesel prices by NT$1.0 (US$0.03) and NT$0.2 (US$0.006) beginning Monday (May 8), per Economic Daily News.
Under CPC's floating pricing mechanism, oil prices per liter for 92 unleaded gasoline, 95 unleaded gasoline, and 98 unleaded gasoline will be NT$28.6, NT$30.1, and NT$32.1, respectively. Super diesel prices will also drop to NT$27.3 per liter following the adjustments.
CPC said international oil prices have plummeted, leading to necessary adjustments in the floating price mechanism, making local fuel cheaper than neighboring Asian countries such as Japan, South Korea, Hong Kong, and Singapore.
This week, domestic gas and diesel prices will be adjusted according to a government formula utilizing international oil prices. Oil prices have fallen for a third straight week based on international economic concerns and the impact of the U.S. banking crisis.