State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it will trim gasoline and diesel prices by NT$0.2 per liter as global crude oil prices fell after US commercial crude stock rose higher-than-expected week-on-week.
The reduction came after prices stagnated for two weeks.
However, the price of the company’s regular 95 unleaded gasoline will still have grown 8.72 percent from NT$32.1 per liter from the beginning of the year.
“Because of seasonal factors, US commercial crude stock increased to a higher level last week than the previous week, compared with the market’s expectation. That drove down global crude prices,” CPC said in a statement posted on its Web site.
Global crude price fell 0.93 percent, or US$1.01 per barrel, to US$107.12 per barrel last week, from US$108.13 in the prior week based on CPC’s pricing scheme, according to the statement.
As a result, domestic gas prices should have dropped 0.76 percent after factoring in appreciation of local currency, CPC said.
The New Taiwan dollar rose NT$0.404 versus the US dollar, CPC said.
CPC’s sole rival Formosa Petrochemical Corp (台塑石化 ) yesterday also announced that it was lowering its gasoline and diesel prices by NT$0.2 per liter, matching the price cuts made by CPC’.