State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it will cut gasoline and diesel prices by NT$0.2 per liter as global crude oil prices fell amid concern that the US government shutdown over budget disputes could weaken the economy and oil consumption.
This is the fifth week of price reductions after domestic gas prices hit a seven-month high.
Global crude price fell 0.71 percent, or US$0.76 per barrel, to US$106.29 per barrel last week, from US$107.05 in week before based on CPC’s pricing scheme, the statement said.
As a result, domestic gas prices should have dipped 0.76 percent after factoring in appreciation of the New Taiwan dollar versus the US dollar, CPC said.
The NT rose NT$0.07 against the US greenback, CPC said.
Rival Formosa Petrochemical Corp (台塑石化) yesterday said it would lower gasoline and diesel prices by NT$0.2 per liter.