Mon, Sep 15, 2014 - Page 13 News List

CPC, Formosa cut prices to lowest-level for 16 months

By Kevin Chen  /  Staff reporter

CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would lower its prices for gasoline and diesel products for the second consecutive week, cutting them to their lowest levels in 16 months.

State-run CPC is to cut gasoline prices by NT$0.5 per liter and diesel products by NT$0.6 per liter, effective today, as global crude oil prices weaken amid signs of slowing economic growth in both Europe and China, the refiner said.

CPC said its weighted oil price formula showed that the average cost of crude oil fell 2.27 percent to US$97.09 per barrel over the past week, after factoring in the depreciation of the New Taiwan dollar against the greenback.

Private rival Formosa Petrochemical Corp (台塑石化) said it would match CPC’s price adjustments.

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