Mon, Apr 16, 2012 - Page 12 News List

Fuel prices cut by NT$0.3

By Kevin Chen  /  Staff Reporter

Domestic gasoline and diesel prices will be cut for the second consecutive week this week, down NT$0.3 per liter from the previous week, the nation’s two refiners announced yesterday.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average crude oil costs decreased by US$3.04 a barrel to US$118.97 last week from the previous week, after the latest data showed that global supply of crude oil exceeded demand in the week and China’s economy grew at the slowest rate for nearly three years, dampening market sentiment.

Formosa Petrochemical Corp (台塑石化) said in a separate statement that global oil prices fell last week because of market concerns about a slowdown in the global economic recovery.

On April 1 the government announced increases of between 7 and 11 percent in domestic fuel prices as it moves from subsidizing fuel toward a market-based mechanism.

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