Reported 8 months ago
According to a compilation by Brand Viewpoint on June 17, 2024, Taiwan's CPC stated that international oil prices have risen due to factors such as the increase in US employment in May and OPEC's optimistic view on global oil demand growth. Under the floating oil price adjustment principle, based on a 7D3B weekly average price increase of $2.84 and a devaluation of $0.031 in the exchange rate of NTD to USD, the calculated increase rate is 2.96%. Therefore, gasoline and diesel prices are expected to increase by NTD 2.1 and NTD 3.5 per liter, respectively. Meanwhile, Formosa Plastics cited the summer peak oil demand season in the Northern Hemisphere and the EIA's upward revision of this year's global oil demand growth forecast for the rise in international oil prices. As a result, Formosa Plastics has decided to decrease gasoline and diesel wholesale prices by NTD 0.1 per liter starting from 1 a.m. on June 17th, with retail prices determined by gas stations. In light of global oil price trends, the NTD to USD exchange rate, domestic market competitiveness, and the lowest prices in neighboring Asian countries, Formosa Plastics will adjust prices accordingly.
Source: YAHOO