Oil-producing countries have decided to expand production, leading to a decrease in international oil prices. Taiwan's CPC Corporation announced a price reduction of NT$1.1 for gasoline starting tomorrow.

Following a recent meeting, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to increase production by 411,000 barrels per day starting in June, maintaining the same level as announced last month. International oil prices fell by over 1% on Friday (the 2nd), recording the largest weekly drop since the end of March.

As international oil prices decline, CPC announced at noon that gasoline and diesel prices will be reduced by NT$1.1 and NT$1.4, respectively, starting tomorrow (the 5th).

CPC stated that effective from midnight tomorrow, the prices of gasoline and diesel will be reduced by NT$1.1 and NT$1.4 respectively, with reference retail prices set at 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 explained that due to the drop in international oil prices this week and the appreciation of the New Taiwan Dollar against the U.S. Dollar, gasoline and diesel prices should each be reduced by NT$1.1 and NT$1.4 according to the floating price adjustment mechanism. Current prices are below the levels of neighboring Asian countries (such as Japan, South Korea, Hong Kong, and Singapore), and after calculations, the price of 95 unleaded gasoline is lower than NT$30, which does not trigger the threshold for stabilizing measures.

As of the end of April 2024, CPC has absorbed approximately NT$4.116 billion.