Mon, Jun 01, 2015 - Page 13 News List

CPC Corp, Taiwan, Formosa cut oil, diesel prices again

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday announced cuts in gasoline and diesel product prices, effective today, for the third consecutive week.

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said they would lower the prices for gasoline by NT$0.3 per liter and NT$0.4 per liter for diesel.

Formosa Petrochemical said global oil prices dropped last week on the back of a strong US dollar and fears about oil producers’ plans to increase output.

CPC said prices fell because of negative sentiment on an increase in the US’ crude inventory.

It said its average crude oil costs fell US$1.69 per barrel to US$61.85 last week.

With the NT dollar depreciating NT$0.11 against the US currency last week, CPC said its weighted oil price formula showed a 1.85 percent decrease over the week.

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