The nation’s two refiners yesterday said they would lower domestic gasoline and diesel product prices for the second consecutive week this week to reflect declining global crude oil prices.
The price cuts of NT$0.34 per liter for gasoline and diesel products, effective today, came as global oil market sentiment was affected by the slow progress of negotiations to solve the US’ “fiscal cliff,” state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement.
CPC said its average oil costs decreased by 1.04 percent last week. The company’s weighted oil price formula showed prices fell US$1.33 per barrel to US$107.51 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$0.3 per liter, citing the increasing uncertainty over European economies and fierce competition with CPC.