Mon, Jul 14, 2014 - Page 13 News List

Cost of diesel and gas to drop: CPC

By Kevin Chen  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would lower gasoline and diesel prices by NT$0.4 and NT$0.5 per liter respectively today after global crude oil prices dropped last week.

That marks the third week of price cuts in a row from CPC.

The company said that its average crude oil costs decreased by US$2.43 a barrel to US$106.59 last week from the previous week.

The drop in price reflects the easing of market concerns over global oil supply after the Libyan government took control of disputed northern oilfields from rebel forces, and the Iraqi government said domestic unrest did not affect its major oil production facilities in the south.

In accordance to CPC’s floating price mechanism, domestic gas prices are set to decline 1.68 percent from today after taking into account a 0.13 percent depreciation in the New Taiwan dollar, CPC said in a statement.

Formosa Petrochemical Corp (台塑石化) yesterday said in a statement that it would also cut its gasoline and diesel prices by the same amount, starting from today.

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