State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$0.3 per liter and NT$0.4 per liter as decline in global crude oil prices cut costs.
This is the first price reduction after fuel prices were hiked four weeks in a row.
Global crude prices dropped 1.67 percent last week to US$111.21 per barrel from US$113.1 in the previous week on increase in US crude stock and the seven industrialized countries said they would consider releasing emergency crude reserves to prevent high oil prices hurting their economic growth, CPC said.
Global crude price declines and a strong local currency against the US dollar led to a 1.37 percent weekly price cuts for CPC’s gasoline and diesel products, the company said.
Formosa Petrochemical Corp (台塑石化) yesterday said it would match CPC’s price cuts.