Mon, Oct 28, 2013 - Page 13 News List

CPC to reduce gas, diesel prices

By Lisa Wang  /  Staff reporter

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’.

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