Mon, Apr 23, 2012 - Page 12 News List

Fuel prices continue drop

By Kevin Chen  /  Staff reporter

Domestic gasoline and diesel prices will be cut for the third 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$2.98 a barrel to US$115.99 last week from the previous week, after the latest US data showed a lackluster improvement in the economy, while political tensions between Iran and the West moderated.

Formosa Petrochemical Corp (台塑石化) said in a separate statement that global oil prices fell last week because of an increase in the US’ crude inventory, dampening market sentiment.

Prices of gasoline and diesel have increased by NT$0.7 per liter since April 9, after the government announced increases of between 7 and 11 percent in petroleum-based fuel prices on April 1, as it moves away from subsidizing fuel.

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