The nation’s two refiners yesterday said they would lower gasoline and diesel product prices for the third consecutive week this week to reflect falling global crude oil prices.
The price cuts of NT$0.1 per liter for gasoline and diesel products, effective today, came as the global oil market sentiment was negatively affected by superstorm Sandy last week, which caused severe damage on the US east coast and shutdowns of refineries in the area, the state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement.
CPC said its average oil costs decreased by 0.33 percent last week. The company’s weighted oil price formula showed prices dropped US$0.33 per barrel to US$107.26 during the week, it said.
Formosa Petrochemical Corp (台塑石化) said in a separate statement it would follow suit by reducing fuel prices by NT$0.1 per liter, citing the short-term outlook for global crude oil prices and fierce competition with CPC.