Mon, Oct 25, 2010 - Page 12 News List

CPC, Formosa lower prices

By Kevin Chen  /  Staff reporter

Both CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced they were lowering gasoline and diesel oil prices by NT$0.3 per liter, effect today, as global crude oil prices fell last week after the US dollar rose against the euro and China raised its interest rates.

CPC said the price cut reflected a 1.39 percent drop in its average crude oil costs of US$80.10 per barrel last week from the previous week, a company statement showed.

“Crude prices fell earlier last week on China’s unexpected interest rate hikes, which raised concerns about the country’s economic growth momentum and its demand of commodities. Prices then turned up on a small increase in the US oil inventories, but dropped again after the US hinted that the [US] dollar’s depreciation might come to an end,” Formosa said.

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