Taiwanese drivers will have to fork out less at the pumps on Monday. The nation’s state-run oil company – CPC Corporation, Taiwan – is set to lower gas prices at midnight on Sunday night, bringing them to a four-year low.
Gas and diesel prices will be decreased by NT$0.4 per liter each. That will bring the price per liter for 92-octane unleaded to NT$28.3 (US$0.91), for 95 octane unleaded to NT$29.8 (US$0.96), and for diesel to NT$26.7 (US$0.86).
CPC Corporation, Taiwan attributed the drop in prices to a number of different factors. Those include an increase in US commercial crude oil inventories, the United States’ increase in crude oil production, and the fact that OPEC has not cut production. Those factors have all led to a continuing drop in international oil prices.