State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it intends to cut gasoline and diesel prices by NT$0.3 per liter after a decrease in global crude oil prices reduced import costs.
The price reduction will bring gasoline and diesel prices to their lowest level in more than three months.
Global crude oil prices fell 1.08 percent to US$106.1 per barrel last week, compared with US$107.26 per barrel in the previous week, because of concerns about the US’ and EU’s weak economies and higher-than-expected crude oil reserves in the US, CPC said in a statement posted on its Web site.
CPC said a 0.51 percent appreciation of the New Taiwan dollar to NT$29.15 against the US dollar also help cut the cost of imports of crude oil.
CPC’s sole domestic rival, Formosa Petrochemical Corp (台塑石化), followed suit by announcing the same price cuts.