Mon, Oct 19, 2015 - Page 13 News List

OPEC oil oversupply helps push gasoline prices lower

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would lower gasoline and diesel prices by NT$0.4 per liter, effective today, as global crude oil prices dropped after OPEC expanded supplies.

The US also reported a jump in commercial crude inventory last week, according to a CPC statement posted on its Web site.

Crude demand was in limbo after China reported weak economic data.

Global crude oil prices declined 2.75 percent, or US$1.35, to US$47.72 per barrel last week, compared with US$49.07 in the prior week, according to CPC’s pricing information.

Domestic fuel prices should come down 2.94 percent this week after factoring in the New Taiwan dollar’s appreciation against the US dollar by NT$0.314 last week, according to CPC.

The nation’s only private oil refiner, Formosa Petrochemical Corp (台塑石化) on Friday announced a price cut of NT$0.4 per liter for its gasoline and diesel products, effective today.

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