State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would reduce gasoline and diesel retail prices by NT$0.6 per liter as the falling price of global crude oil helped cut costs.
The latest price cuts would bring down the price of 95 unleaded gasoline to NT$31.3 per liter, the lowest since December, according to statistics compiled by CPC.
The global crude oil price fell 6.19 percent to US$102.67 a barrel, from US$109.45 a barrel a week ago because of rising concern about the US debt and the US Energy Information Agency’s cut in its outlook for crude consumption next year, CPC said in a statement.
The company said it would pass on just half the projected price fall of NT$1.2 per liter, having absorbed the recent cost of high oil prices
Matching CPC’s move, Formosa Petrochemical Corp (台塑石化) yesterday said it would trim the price of gasoline and diesel products by NT$0.6 per liter.