The rising value of the New Taiwan dollar last week prompted the nation’s two oil refiners to lower domestic fuel prices this week, their fourth price cut this month.
Both CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said they would cut gasoline and diesel prices by NT$0.1 per liter, effective today.
The two refiners have cut gas and diesel prices by NT$0.8 a liter over the past four weeks, after the government announced increases of between 7 percent and 11 percent for petroleum-based fuel products on April 1, as it moves away from subsidizing fuel.
CPC said its average crude oil costs fell 0.21 percent last week from the previous week on a rising NT dollar and the slowing global economic recovery, which rekindled concern about oil demand.
Formosa said it followed suit with price cuts because of global crude price volatility and fierce competition with CPC.