Despite a recovery in global crude oil prices this week amid improving demand, the nation’s two oil refiners yesterday announced their second consecutive weekly cuts in gasoline and diesel prices. The new prices take effect today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements that they would each lower gasoline prices by NT$0.7 per liter and diesel prices by NT$0.8.
“This week, global crude oil prices gained support from OPEC’s upward adjustment in worldwide demand and a bigger-than-expected decline in US inventories,” Formosa said. “Nevertheless, the week’s average price levels were still lower than the previous week’s.”
Residents of areas affected by Typhoon Morakot will continue to enjoy preferential rates from the two refiners, but the discounts will be reduced to NT$0.9 per liter. No more preferential rates will be offered for diesel, they said.
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