Taiwan’s gas and diesel prices are again set to drop to a six-year low. The new prices will go into effect at midnight Sunday, moving into Monday. This is the second week in a row in which we’ve seen prices drop to new lows.
The state-owned oil company, CPC Corporation, Taiwan, announced that the price would drop by NT$1 per liter for gas, and by NT$1.1 per liter for diesel (both around US$0.03).
The new prices per liter are: for super diesel, NT$19.8; for 92 octane unleaded, NT$22.1; for 95 octane unleaded, NT$23.6; and for 98 octane unleaded, NT$25.6 per liter.
Domestic oil prices have dropped dramatically since June 30, 2014. The price for gasoline has fallen by NT$12.3 per liter (US$0.39), while the price for diesel has fallen NT$13.6 per liter (US$0.43).
The adjustment follows price cuts on the part of Saudi Arabia and Iraq, both of which are trying to solidify their market share in the sale of oil and gas to Europe and the Americas.