Mon, Apr 09, 2012 - Page 12 News List

Retail fuel prices to drop

By Kevin Chen  /  Staff reporter

Domestic gasoline and diesel prices will be cut by NT$0.1 per liter this week, the nation’s two refiners announced yesterday, a week after they raised retail fuel prices by almost 10 percent on average, the largest price rise in nearly four years.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average crude oil costs decreased by US$0.69 a barrel to US$122.01 last week from the previous week.

The latest data showed that signs of a slowdown in the global economic recovery had dampened market sentiment and crude oil demand.

Global oil prices also fell last week after the US Federal Reserve indicated no urgent need for another wave of quantitative easing measures and the latest US data showed an increase in the country’s crude inventory for the week, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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