State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said that it would cut gasoline and diesel prices by NT$1.1 per liter after global crude oil prices plunged below US$30 per barrel amid concerns over persistent oversupply and low demand.
An increase in US crude inventory, China’s stock market rout and a strong US dollar against the world’s major currencies led to a collapse of global crude oil prices last week, CPC said in a statement.
“CPC decided to lower gasoline prices due to a recent plunge in global crude oil prices. After the adjustment, the prices of 92-octane unleaded gasoline and 95-octane unleaded gasoline have dropped to less than NT$20 per liter, making gasoline cheaper than bottled mineral water,” the refiner said.
Global crude prices dived 13.19 percent to US$27.19 per barrel last week, compared with US$31.32 in the previous week, according to CPC’s pricing information.
As a result, domestic gasoline and diesel prices should go down 9.93 percent after factoring in a depreciation of NT$0.299 against the greenback, the refiner said.
Private-run oil refiner Formosa Petrochemical Corp (台塑石化) on Saturday said that it would cut gasoline and diesel prices by NT$1.1 per liter.
The companies’ adjustments, which are to take effect today, will see fuel prices fall to a 13-year low.
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