Mon, May 12, 2014 - Page 13 News List

Gas, diesel prices to drop

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday said that they would lower gasoline and diesel prices by NT$0.2 per liter this week, effective today, amid falling global crude oil prices and a rising New Taiwan dollar.

Global crude oil prices dropped last week after Russia agreed to withdraw forces from Ukraine’s border, state-run CPC Corp, Taiwan (CPC, 台灣中油) said.

Privately owned Formosa Petrochemical Corp (台塑石化) said oil prices were under pressure last week after China’s latest purchasing managers’ index data showed weakness in its factory activity, which rekindled market concerns about the country’s economic growth outlook.

CPC said its average crude oil costs fell US$0.83 per barrel to US$105.49 last week from the previous week, as the company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices fell 0.83 percent in the week.

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