Mon, Oct 29, 2012 - Page 13 News List

Oil refiners to drop prices

By Kevin Chen  /  Staff reporter

The nation’s two refiners yesterday said they would lower gasoline product prices by NT$0.6 per liter and NT$0.7 a liter for diesel this week, effective today, as global crude oil prices fell.

The latest price cuts by the state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) and its privately owned rival Formosa Petrochemical Corp (台塑石化) reflected falling global crude oil prices last week due to the less-promising economic data from Europe and higher crude oil inventories in the US, the companies said.

CPC said in a statement that its average oil costs decreased by 2.78 percent last week. The company’s weighted oil price formula showed prices dropped US$3.97 per barrel to US$107.59 in the week, it said.

World oil prices were also down last week on worse-than-expected US corporate earnings, Formosa Petrochemical Corp said in a separate statement.

This story has been viewed 1645 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top