The nation’s two refiners yesterday said they would lower domestic fuel prices this week to reflect declining global crude oil prices.
The price cuts of NT$0.2 per liter for gasoline and NT$0.3 per liter for diesel products effective today came as global oil market sentiment was affected by the European Central Bank’s announcement that it is to cut interest rates to record-low levels and the eased tensions over the crisis in Ukraine, state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement.
CPC said its average oil costs decreased by 0.97 percent last week after factoring in the appreciation of the New Taiwan dollar.
The company’s weighted oil price formula showed prices fell US$1.14 per barrel to US$106.37 during the week, it said.
Formosa Petrochemical Corp (台塑石化) said it would follow suit by lowering fuel prices, citing OPEC’s increased oil output and fierce competition with CPC.