Car and scooter drivers across Taiwan continue to benefit from the global oil glut, caused in large part by the ongoing COVID-19 pandemic.
In an announcement by the oil industry last week, the daily output of around 100 million barrels of oil across the globe was 25% more than the markets could handle.
This coupled to many nations being ‘locked down’ to help counter the spread of the latest coronavirus, means far fewer people are on the roads, and the aviation industry in many areas has all but ground to a halt thus greatly reducing the need for fuel.
As a result, in news that made headlines around the world last week, major oil producing nations were rumored to be paying customers to ‘take away’ the oil produced.
As of Monday morning in Taiwan, prices at the pumps stood at:
92 Unleaded – NT $16.1 / liter
95 Unleaded – NT $17.6 / liter
98 Unleaded – NT $19.6 . liter
Diesel – NT $13.0 / liter
Registering no new cases of the virus again yesterday, Taiwan is one of the few nations around the world in which citizens are leading a relatively normal life.
Gas prices are slowly expected to start increasing again by the summer, however, as more and more countries announce the relaxing of home quarantine rules, and ease lockdown regulations.
