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.