Mon, Dec 01, 2014 - Page 14 News List

CPC, Formosa cut fuel prices for fourth week

OVERSUPPLY FEARS:The refiners lowered gas and diesel prices after global crude fell last week as OPEC’s move to retain its production ceiling sparked market glut concerns

By Lauly Li  /  Staff reporter

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it will lower gasoline and diesel prices by NT$0.2 and NT$0.3 per liter respectively starting from today, marking the fourth straight week that the firm has brought down its prices.

CPC said that global crude oil prices had rebounded a little earlier last week, but declined again on Thursday after OPEC decided to maintain its collective production ceiling at 30 million barrels per day, prompting oversupply anxieties in the market.

The Taiwanese refiner said that according to its weighed oil price formula, prices dropped to US$74.07 per barrel last week, down 1.98 percent from US$75.57 per barrel the previous week.

With the adjustments, CPC’s wholesale price for 92 octane unleaded gasoline will drop to NT$28.1 per liter, while that of 95 octane unleaded gasoline will be NT$29.6 per liter and 98 octane unleaded will be NT$31.6 per liter.

The price of premium diesel will also fall to NT$26.4 per liter, CPC’s data showed.

Formosa Petrochemical Corp (台塑石化), which usually matches its bigger rival’s price adjustments, said it would also reduce prices on both gasoline and diesel products, effective today.

Under Formosa Petrochemical’s price cuts, the cost of 92 octane unleaded gasoline will decline to NT$28 per liter, with 95 octane unleaded gasoline to reach NT$29.6, 98 octane unleaded gasoline falling to NT$31.8 and premium diesel commanding NT$26.4 per liter.

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