Mon, Mar 17, 2014 - Page 13 News List

CPC and Formosa to cut fuel prices

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it is to cut gasoline and diesel prices by NT$0.3 and NT$0.2 per liter respectively, as global crude oil prices fell after China posted weak export data last month and a rise in the US crude reserve helped drive down global crude prices.

The price cuts will bring domestic fuel prices to their lowest level in about a month.

Global crude oil prices dropped 1.22 percent to US$105.25 per barrel last week, compared with US$106.55 the prior week, according to CPC.

Factoring in a weak New Taiwan dollar, which depreciated NT$0.03 versus the US dollar last week, domestic fuel prices should drop 0.97 percent, CPC said.

Formosa Petrochemical Corp (台塑石化), yesterday said it would also lower its gasoline and diesel prices by NT$0.3 and NT$0.2 per liter respectively.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top