Mon, Nov 11, 2013 - Page 13 News List

Gas, diesel prices to drop by NT$0.5

By Kevin Chen  /  Staff reporter

The nation’s oil refiners yesterday said that they would lower their prices for gasoline and diesel products by NT$0.5 per liter each, effective today.

CPC Corp, Taiwan (CPC, 台灣中油) said the price cuts came as global crude oil prices fell on expectations of easing tensions between the West and Iran and because of an increase in the US’ crude inventory.

Formosa Petrochemical Corp (台塑石化) said global oil prices went down last week, also reflecting the impact of a strengthening US dollar after the US reported better-than-expected 2.8 percent GDP growth in the third quarter and the European Central Bank unexpectedly cut its interest rate to 0.25 percent from 0.5 percent.

CPC said its weighted formula showed its average crude oil costs fell 2.03 percent to US$104.32 per barrel over the week, while Formosa said it would match CPC’s changes, considering global oil market sentiment and local competition.

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