Mon, Jan 25, 2010 - Page 12 News List

CPC, Formosa announce oil price cuts

By Kevin Chen  /  STAFF REPORTER

The nation’s two oil refiners said yesterday they would cut wholesale gasoline and diesel prices, effective today, following a decline in global crude oil prices.

In separate statements, state-run CPC Corp, Taiwan (CPC, 台灣中油) and privately owned Formosa Petrochemical Corp (台塑石化) said they would lower wholesale gasoline prices by NT$0.60 and NT$0.70 for diesel prices per liter.

“Global oil prices continued to drop [last] week as the US stock market slumped and China implemented measures to cool its overheating economy, triggering market speculation that demand for crude oil would slow,” Formosa said in the statement.

CPC said its weekly price adjustment was made using the company’s floating price mechanism, which showed a decline of 4.21 percent in the company’s cost of US$75.51 for oil purchases last week from US$78.83 the previous week.

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