State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$0.2 per liter as growing concern over the deteriorating European and US economies drove down global oil prices.
The 13th weekly price cut would bring the nation’s fuel prices to their lowest level since Dec. 19, according to the price information posted on CPC’s Web site.
Global crude oil price fell 1.38 percent, or US$1.28, to US$91.44 per barrel last week, from US$92.72 in the prior week, based on CPC’s pricing mechanism, which helped trim CPC’s cost.
Formosa Petrochemical Corp (台塑石化), the nation’s only private-run oil refiner, yesterday said it would lower gasoline and diesel prices by NT$0.2 per liter, following the move by CPC.
Separately, CPC yesterday said it would reduce prices of household liquid petroleum gas by NT$1.5 per kilogram this month.