Mon, Feb 25, 2013 - Page 13 News List

Oil refiners to lower prices

BY Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday announced that they would lower gasoline prices by NT$0.4 per liter and diesel prices by NT$0.3 per liter, effective today, marking the first price cuts after four consecutive weeks of price increases.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement its average oil costs fell by 1.39 percent last week, as global crude oil prices declined on the continued increase in US crude oil inventories and Saudi Arabia’s reported plan to raise oil production.

Global oil prices also dropped last week because of the strengthening US dollar on reports that the US Federal Reserve may scale back its monetary easing measures, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

Meanwhile, weak economic data in the US and Europe also sparked fresh concerns over weak energy demand and pushed down global oil prices last week, Formosa said.

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