Taiwan CPC Corporation announced that starting from midnight tomorrow (May 5), gasoline and diesel prices will each be reduced by NT$1.1 and NT$1.4 respectively. The reference retail prices will be NT$27.2 per liter for 92 unleaded gasoline, NT$28.7 for 95 unleaded gasoline, NT$30.7 for 98 unleaded gasoline, and NT$25.7 for super diesel.

CPC indicated that this week's decline in international oil prices and the appreciation of the New Taiwan Dollar against the US Dollar have led to this price adjustment. According to the floating oil price mechanism, gasoline and diesel prices should be adjusted downwards, which now are lower than those in neighboring Asian countries (Japan, South Korea, Hong Kong, and Singapore). However, since the price of 95 unleaded gasoline remains below NT$30, no price stabilization measures will be activated. Additionally, this week's oil price adjustment also factors in the government's reduction of the commodity tax (NT$2 and NT$1.5 per liter for gasoline and diesel, respectively), aiming to stabilize domestic oil prices. As of the end of April in year 114, CPC has absorbed about NT$4.116 billion.