State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it will trim gasoline and diesel prices by NT$0.3 per liter as global crude oil prices fell amid expectation that the US may not take military action against Syria.
It is the second week the prices have been cut, after domestic gas prices hit a seven-month high.
Global crude prices fell 1 percent, or US$1.12 per barrel, to US$110.59 per barrel last week, from US$111.71 the week before, based on CPC’s pricing scheme, according to the statement.
As a result, domestic gas prices should have dropped 1.09 percent after factoring in appreciation of local currency, CPC said.
The New Taiwan dollar rose NT$0.11 versus the US dollar, CPC said.
CPC’s sole rival Formosa Petrochemical Corp (台塑石化) yesterday also announced plans to slash gasoline and diesel prices by NT$0.3 per liter.