Mon, Aug 12, 2013 - Page 13 News List

Gas prices to be reduced

By Kevin Chen  /  Staff reporter

The nation’s oil refiners yesterday announced they would lower their prices for gasoline and diesel products for the first time in the past month, effective today.

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) will cut gasoline and diesel prices by NT$0.1 per liter after global crude oil prices fell last week amid less tensions in the Middle East, the companies said.

Oil prices also dropped after the recent better-than-expected economic data in the US, which triggered market speculation about the scope of the US Federal Reserve’s planned tapering of its monetary easing next month, the companies said.

CPC said the cuts reflected a 0.39 percent fall in its average crude oil costs of US$105.8 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.

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