Mon, Sep 26, 2011 - Page 12 News List

Refiners to keep gasoline, diesel prices unchanged

By Kevin Chen  /  Staff Reporter

The nation’s two oil refiners yesterday said they would keep domestic gasoline and diesel prices unchanged for a third straight week this week, as a depreciating New Taiwan dollar helped offset a decline in global crude oil prices.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs dropped US$1.26 per barrel to US$108.21 last week from the previous week because of persistent market concerns over the eurozone debt crisis and a US Federal Reserve warning of significant downside risks to the US economy.

However, the NT dollar fell NT$0.493 against the US currency, which has increased CPC’s oil costs and offset the fall in crude prices, the company said in a statement.

Formosa Petrochemical Corp (台塑石化) said that it would not raise prices this week either.

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