The nation’s oil refiners yesterday announced they would lower gasoline and diesel product prices for the first time in three weeks, effective today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) are to slash gasoline and diesel prices by NT$0.5 per liter after global crude oil prices fell last week amid speculation that the US Federal Reserve will begin scaling back its monetary easing in September.
Oil prices also dropped because of the increase in US crude inventories, as well as a credit crunch in China, which could affect its economic growth and impact oil demand, CPC said.
CPC said the price cuts reflected a 1.8 percent fall in its average crude oil costs of US$99.78 per barrel last week from the previous week.
Formosa said it would match CPC’s price adjustments, considering global oil market sentiment and local market competition.