Mon, Feb 10, 2014 - Page 13 News List

Gas and diesel prices to drop NT$0.30

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (中油) yesterday said it would lower gasoline and diesel prices by NT$0.3 per liter after a week-long Lunar New Year holiday price freeze, on the back of a global crude-oil-price decline of 1.25 percent to US$104.03 per barrel last week, compared with US$105.35 in the prior week, according to the CPC Web site.

Global crude oil prices have been driven down after the US’ manufacturing sector slowed and the US Federal Reserve reduced its stimulus by an extra US$10 billion, CPC said in a statement.

With a 0.028 percent appreciation in the New Taiwan dollar against the US dollar, local fuel pries are expected to fall 1.08 percent this week, the oil refiner said.

Formosa Petrochemical Corp (台塑石化) yesterday said it would cut gasoline and diesel by US$0.3 per liter as well, citing emerging-market economies and weak US jobs concerns.

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