The nation’s oil refiners yesterday said that they would lower their prices for gasoline and diesel products for the fourth consecutive week, 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$0.40 per liter each after global crude oil prices fell on expectations of easing tensions between the West and Syria and Iran, which in turn lessened supply concerns, the refiners said.
Prices dropped last week because of an increase in the US’ crude inventory, they said.
The two firms have slashed domestic fuel prices by NT$1.5 per liter every week since Sept. 9.
CPC said its weighted oil price formula showed its average crude oil costs fell 1.51 percent to US$107.05 per barrel over the week, while Formosa said it would match CPC’s price adjustments, considering sentiment in the global oil market and local competition.