Mon, Jun 03, 2013 - Page 13 News List

Oil refiners to drop prices

By Lisa Wang  /  Staff reporter

State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will cut its gasoline and diesel prices by NT$0.1 per liter after global crude oil prices fell 0.58 percent last week on weak global economic sentiment.

Global crude oil prices slid US$0.59 to US$100.45 per barrel last week, compared with US$101.04 the previous week, after the Organisation for Economic Co-operation and Development reduced its global economic growth forecast for this year to 3.1 percent from the 3.4 percent it forecast in November last year, CPC said on its Web site.

Factoring in the depreciation of the New Taiwan dollar against the US dollar, which weakend NT$0.07 to NT$30.067 last week, gasoline and diesel prices should drop by 0.28 percent to make up for the increase in crude import costs caused by the depreciation.

Formosa Petrochemical Corp (台塑石化 ) yesterday also said it will lower the prices of its gasoline and diesel products by NT$0.1 per liter.

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