The nation’s two oil refiners yesterday said they would lower domestic gasoline and diesel prices as global crude oil prices fell last week on heightened uncertainty amid the eurozone debt crisis and the economic slowdown in the US.
State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs dropped by US$1.42 per barrel to US$107.14 last week from the previous week.
The New Taiwan dollar declined NT$0.013 against the US dollar last week, which increased CPC’s costs and partially offset the fall in crude prices.
The firm decided to lower fuel prices by NT$0.2 per liter based on its pricing mechanism, it said in a statement.
Privately owned Formosa Petrochemical Corp (台塑石化) said it would also cut gasoline and diesel prices by NT$0.2 per liter, citing the global crude oil prices in the near term and fierce competition with CPC at home.