Mon, Nov 17, 2014 - Page 13 News List

CPC, Formosa cutting gasoline prices

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$0.5 and NT$0.6 per liter respectively from today, as global crude oil prices plunged to four-year lows due to oversupply.

The price cuts will bring fuel prices down 2.64 percent on average this week from last week, their lowest level since September 2010.

CPC said its adjustment reflected global crude oil price trend.

“Global crude oil prices fell to a four-year low since the Organization of the Petroleum Exporting Countries is unlikely to reduce its production target,” CPC said in a statement posted on its Web site.

Global crude oil prices plunged 3.7 percent last week to US$77.88 per barrel from US$80.87 in the prior week, CPC said, citing its own pricing scheme.

Formosa Petrochemical Corp (台塑石化 ) said it would also lower gasoline and diesel prices by NT$0.5 and NT$0.6 per liter respectively.

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