Mon, Jan 31, 2011 - Page 12 News List

Gas prices fall by NT$0.2

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners said yesterday they would lower gasoline and diesel prices by NT$0.2 per liter for this week, effective today, on falling global crude oil prices and the rising New Taiwan dollar.

Global crude oil prices also dropped last week after recent US economic data, such as rising crude inventories and higher applications for unemployment benefits, rekindled market concerns about US economic recovery, privately owned Formosa Petrochemical Corp (台塑石化) said.

State-run CPC Corp, Taiwan (CPC, 台灣中油), which saw its average crude oil costs fall 0.89 percent to US$93.75 per barrel last week from the previous week, said prices of gasoline and diesel products would not change throughout the Lunar New Year holiday, which begins on Wednesday, even if global crude oil prices increase. However, the company will lower prices if global crude prices decline.

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