Mon, May 21, 2012 - Page 12 News List

Gas, diesel prices reduced

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$0.1 per liter and NT$0.2 per liter, respectively, as global oil prices have dropped because of the deepening European debt crisis.

The latest price cuts would bring the nation’s fuel prices to an almost two-month low, according to price information posted on CPC’s Web site.

The global crude oil price slid 1.69 percent, or US$1.86, to US$108.06 per barrel last week, from US$109.92 the week before, based on CPC’s pricing mechanism, which helped trimmed CPC’s costs.

Matching CPC’s pricing strategy, Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, yesterday said it would lower gasoline and diesel prices by NT$0.1 per liter and NT$0.2 per liter, respectively.

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