Mon, Nov 16, 2015 - Page 13 News List

State-run CPC to cut prices of gasoline, diesel

By Ted Chen  /  Staff reporter

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it plans to cut domestic gasoline and diesel prices by NT$0.6 per liter in response to a decline in global crude oil prices.

CPC’s move came one day after privately owned Formosa Petrochemical Corp (台塑石化) said on Saturday that it would lower its gasoline and diesel prices by the same range, which took effect yesterday.

The state-run refiner said the price cut reflects discouraging economic data from China and persisting oversupply concerns across the globe, in addition to an increase in oil stockpiles in the US.

Under CPC’s pricing mechanism, the company’s average crude oil cost fell US$2.76 per barrel to US$43.09 last week from the previous week, the refiner said in a statement.

After factoring in the New Taiwan dollar’s depreciation of NT$0.19 against the US dollar during the week, domestic fuel prices had to drop 4.38 percent, or NT$0.6 per liter, it said.

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