Taiwan’s gas and diesel prices are set to drop to a six-year low at midnight Sunday, moving into Monday.
The state-owned oil company, CPC Corporation, Taiwan, announced that the price would drop by NT$1.2 per liter for gas, and by NT$1.4 per liter for diesel (both around US$0.04).
The new prices per liter are: for super diesel, NT$20.9; for 92 octane unleaded, NT$23.1; for 95 octane unleaded, NT$24.6; and for 98 octane unleaded, NT$26.6 per liter.
Domestic oil prices have dropped dramatically since June 30, 2014. The price for gasoline has fallen by NT$11.3 per liter (US$0.35), while the price for diesel has fallen NT$12.5 per liter (US$0.39).
Fuel prices in Taiwan are based upon weekly changes on a weighted crude oil price index. CPC said the index fell US$5.99 per barrel from the previous week to US$48.51. That translates to an 8.25 percent drop in local fuel prices.
The adjustment follows a decision by the Organization of the Petroleum Exporting Countries (OPEC) to leave its oil production levels unchanged at a time when US crude oil production is increasing.