Mon, Jul 04, 2011 - Page 12 News List

Fuel prices to drop NT$0.2

By Lisa Wang  /  Staff Reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut the price for its gasoline and diesel products by NT$0.2 per liter, as global crude oil prices fell 1.39 percent last week.

Rival Formosa Petrochemical Corp (台塑石化) said it would match the price adjustment.

The price of crude oil fell to an average US$105.58 a barrel last week, down US$1.49 from US$107.07 a barrel a week ago, a statement on the CPC Web site said.

A stronger New Taiwan dollar also helped cut the import cost of crude oil, CPC said. The NT dollar ended the week 0.4 percent higher at NT$28.788 against the US dollar.

As CPC has raised prices at a slower pace than global crude oil price rises over the past seven months, the local retail price for its gasoline and diesel products would not fully reflect the fall in the global crude oil price, CPC said.

The new price tariff takes effect today.

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