Taiwan’s two oil refiners yesterday said that they would lower the price for domestic gasoline and diesel after global crude oil prices fell last week in the wake of weaker demand from the US and Europe, resulting from financial uncertainties.
The drop in crude oil prices was also partly attributed to the fact that OPEC raised daily output targets, state-run CPC Corp, Taiwan (CPC, 台灣中油) said in a statement.
CPC said its average crude oil costs dropped by US$3.18 per barrel to US$105.77 last week from the previous week. After offsetting the NT$0.105 appreciation in the New Taiwan dollar against the greenback last week, the refinery decided to decrease fuel prices by NT$0.3 per liter, the statement said.
Formosa Petrochemical Corp (台塑石化) followed suit by cutting gasoline and diesel prices by NT$0.3 a liter, effective today.