Mon, Dec 22, 2014 - Page 13 News List

CPC to cut gas prices again

By Amy Su  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would slash domestic gasoline and diesel prices by NT$1 and NT$1.1 per liter respectively, or by a weekly average of 6.23 percent, after global crude oil prices fell as both OPEC and Russia decided to maintain output.

It has been the 16th straight week that CPC reduced its weekly gasoline and diesel prices since Sept. 1, which has brought domestic fuel prices to their lowest levels since May 2009.

Compared with domestic fuel prices at the end of June, CPC has cut its gasoline prices by about 26.46 percent — still lagging behind the 47.94 percent decline seen in global crude oil prices during the same period.

Based on its floating pricing formula, global crude prices plunged 8.1 percent to US$57.75 per barrel last week, compared with US$62.84 the previous week, CPC said on its Web site.

The company attributed the price decline to OPEC’s decision to keep its output target of 30 million barrels a day, disregarding a drastic price decline in recent months, the statement said.

After factoring in the New Taiwan dollar’s depreciation of NT$0.015 against the US dollar last week, domestic fuel prices should fall 6.23 percent this week, CPC said.

The nation’s only privately run oil refiner, Formosa Petrochemical Corp (台塑石化), said in a separate statement that it would also cut gasoline and diesel prices by NT$1 and NT$1.1 per liter respectively.

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