The nation’s two oil refiners yesterday said they would lower gasoline and diesel prices by NT$0.1 per liter this week, after global oil prices declined in a week of volatile trading last week.
The latest price adjustments, the fifth consecutive week of price cuts, are to take effect today, both CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in statements.
State-run oil refiner CPC said its average oil costs decreased by 0.27 percent last week. The company’s weighted oil price formula showed prices dropped US$0.69 per barrel to US$105.64 over the week.
Formosa said in its statement that global oil prices declined in a week of volatile trading last week, after market sentiment was hit by the uncertainty over Cyprus and negative economic data from the eurozone, even though market sentiment had been briefly buoyed by positive economic data and lower crude oil inventories in the US.