The continued fall in global crude oil prices prompted the nation’s two oil refiners to lower domestic fuel prices this week, their third price cut this month.
Both CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said they would cut gasoline prices by NT$0.1 per liter and lower the cost of diesel by NT$0.2 a liter, effective today.
The two refiners have cut gas and diesel prices by NT$1.1 a liter and NT$1.2 a liter respectively over the last three weeks, company data shows.
CPC said its average crude oil costs fell 1.16 percent to US$108.13 a barrel last week from the previous week. It attributed the decline to market concerns over the global economic recovery and an increase in the US’ crude inventory.
Formosa said that crude oil prices also fell on disappointing economic data in the US released last week, which rekindled concern about oil demand.