State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said yesterday it would cut domestic gasoline and diesel prices by NT$0.9 per liter and NT$1 per liter respectively today to reflect the decline in international oil prices.
After the adjustments, CPC’s 92-octane unleaded gasoline now sells for NT$32.5; 95-octane unleaded gasoline, NT$33.2; 98-octane unleaded gasoline, NT$34.7; and diesel, NT$30.3.
Formosa Petrochemical Corp (台塑石化), the nation’s only privately owned oil refiner, had earlier announced the same rate cuts for gasoline and diesel prices, which also go into effect today.
However, as Formosa Petrochemical only reduced its diesel price by NT$1.6 per liter a week ago while CPC cut its price then by NT$2.2, the private firm’s new diesel price is still NT$0.6 per liter higher than CPC’s price.
CPC said the price adjustment was made in accordance with the government’s policy, with the company absorbing NT$1.3 of the cost per liter for gasoline since May 29 and an additional NT$0.5 of the cost per liter of gasoline since Aug. 2.
CPC said that despite the price adjustments, oil prices in Taiwan are still the lowest among neighboring Asian countries.
CPC posted a loss of NT$51.2 billion (US$1.6 billion) as of the end of last month.
Separately, CPC said on Thursday that it had resumed cooperation with China on oil exploration off southern Taiwan after a year-long hiatus.
The resumption marked a new development in the thawing of cross-strait relations since President Ma Ying-jeou (馬英九) took over in May.
CPC and China National Offshore Oil Corp (CNOOC, 中海油), one of the largest state-owned oil giants in China, recently extended a contract for an oil exploration project off southern Taiwan for an additional two years, sources from the Taiwanese company said.
CPC has also obtained approval from the government for another oil exploration project off northern Taiwan with the Chinese oil company, the sources said.
Taiwan’s previous cooperation project with China to explore for oil came to a halt after the former Democratic Progressive Party (DPP) administration included “Taiwan” in CPC’s name both in Chinese and English, the sources claimed.
The DPP government argued that the name change was to prevent Taiwan’s oil company from being mistaken for a Chinese firm.
Critics, however, blasted the name change as highlighting Taiwanese identity to push for formal independence.
CPC changed its English name from Chinese Petroleum Corp to CPC Corp, Taiwan, in February last year.
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