Good News for Taiwan Drivers: CPC Announces Fuel Price Reduction!

Get Ready to Save at the Pump as Gasoline and Diesel Prices Fall.

Good news for drivers in Taiwan! CPC (Chinese Petroleum Corporation) has announced a price reduction for gasoline and diesel, effective from midnight on the 31st. This means you'll be paying less at the pump.

The adjusted retail prices will be: NT$28.7 per liter for 92-octane unleaded gasoline, NT$30.2 per liter for 95-octane unleaded gasoline, NT$32.2 per liter for 98-octane unleaded gasoline, and NT$27.9 per liter for super diesel. This reduction is possible due to the implementation of the price stabilization mechanism.

CPC explained that despite an increase in international oil prices driven by a decrease in US commercial crude oil inventories reported by the Energy Information Administration (EIA), and a slight depreciation of the New Taiwan Dollar, they were able to soften the impact on consumers. According to the floating oil price adjustment mechanism, gasoline and diesel prices should have increased by NT$1.4 and NT$1.1 per liter, respectively. However, to maintain prices below those of neighboring Asian countries (Japan, South Korea, Hong Kong, and Singapore), CPC absorbed NT$1.5 per liter for gasoline and NT$1.1 per liter for diesel. Furthermore, as the price of 95-octane unleaded gasoline exceeded NT$30, the oil price stabilization measure was activated. The first stage of this measure absorbed approximately 25% of the adjustment, leading to an additional NT$0.1 per liter absorption for both gasoline and diesel. Combined with the price stabilization mechanism, the total absorption amounted to NT$1.6 for gasoline and NT$1.2 for diesel, resulting in the actual price decrease of NT$0.2 per liter for gasoline and NT$0.1 per liter for diesel.