The nation’s two oil refiners yesterday announced cuts in this week’s gasoline and diesel product prices, effective today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said they would lower the prices for gasoline by NT$0.3 per liter and NT$0.4 per liter for diesel this week from last week.
CPC said its average crude oil costs fell US$1.05 per barrel to US$103.81 last week amid lower fears on Libyan oil supplies and positive sentiment on US employment data.
With the NT dollar appreciating NT$0.171 against the US currency last week, the firm’s weighted oil price formula showed a 1.24 percent decrease in the week, CPC said.
Formosa Petrochemical said global oil prices also dropped last week on the back of poor Chinese economic data and amid lower tensions between Russia and Ukraine.