Mon, Sep 08, 2014 - Page 13 News List

CPC cuts fuel prices to a one-year low

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would cut gasoline and diesel prices by NT$0.2 per liter and NT$0.1 per liter respectively, bringing fuel prices down to a more than one-year low.

The price cuts were a result of a 0.62 percent weekly decline in global crude oil prices from US$100.74 per barrel to US$100.12 last week, CPC said in a statement posted on its Web site.

CPC said the price reduction was due to supply increase from the OPEC crude cartel and speculation about decreased demand after Europe and China released weak manufacturing data.

As a result, gas prices should fall 0.53 percent based on CPC’s pricing scheme, the company said.

Matching CPC’s price cuts, Formosa Petrochemical Corp (台塑石化 ) yesterday also said it would lower gasoline prices by NT$0.2 per liter and diesel by NT$0.1 per liter.

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