Taiwan's CPC Corporation announced today (4th) that starting tomorrow (5th) at midnight, the prices of gasoline and diesel will be reduced by 1.1 and 1.4 NTD respectively. The reference retail prices will be 27.2 NTD per liter for 92 unleaded gasoline, 28.7 NTD for 95 unleaded gasoline, 30.7 NTD for 98 unleaded gasoline, and 25.7 NTD for super diesel.

CPC stated that the recent decrease in international oil prices and the appreciation of the New Taiwan dollar against the US dollar necessitated this adjustment according to the floating oil price mechanism. The adjusted prices are now lower than those in neighboring Asian countries (Japan, Korea, Hong Kong, and Singapore). With the adjusted price for 95 unleaded gasoline below 30 NTD, the price reduction does not trigger the stabilizing measure threshold. Hence, domestic gasoline and diesel prices will adjust downwards by 1.1 and 1.4 NTD per liter respectively.

Image provided by CPC

Furthermore, based on this week's oil price formulas and the government's reduction of the commodity tax (2 NTD for gasoline and 1.5 NTD for diesel per liter), the domestic oil prices will continue to operate under the lowest price and stabilization measures of neighboring Asian countries, assisting in stabilizing domestic oil prices. As of the end of April this year, CPC has absorbed approximately 4.116 billion NTD.