The nation’s two refiners yesterday said they would lower domestic gasoline and diesel prices by NT$0.1 per liter this week, the first cut after three consecutive weeks of price increases. The new rates take effect today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements that their latest price adjustment reflected the market’s worries about the crisis in Europe that continued despite encouragement from some EU leaders.
Prices were also lower this week than last week because recent data showed an increase in US crude oil inventories and GDP data indicated a weak recovery in the US economy, which dampened market sentiment toward oil demand, CPC said in a statement.
Based on CPC’s pricing mechanism, its average oil costs declined by US$0.97 per barrel to US$101.66 per barrel last week from the previous week.