State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would lower gasoline and diesel prices by NT$0.1 per liter as growing concern over the deteriorating European and US economies drove down global oil prices.
The 11th weekly price cut in a row would bring the nation’s fuel prices to their lowest since Feb. 20, according to the price information posted on CPC’s Web site.
Global crude oil prices slid 0.47 percent, or US$0.46, to US$96.64 per barrel last week, from US$97.1 in the previous week, based on CPC’s pricing mechanism, which helped trimmed CPC’s costs.
Formosa Petrochemical Corp (台塑石化), the nation’s only -privately-run oil refiner, yesterday said it would also lower gasoline and diesel prices by NT$0.1 per liter.
CPC said the price cut did not fully reflect the global crude oil price decrease because it did not pass on the full cost increase between December last year and March 31.