Mon, Jun 20, 2016 - Page 13 News List

Fuel prices trimmed as Brexit fears push global crude lower

By Kevin Chen  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would cut gasoline and diesel product prices by NT$0.5 per liter today, after global crude oil prices plunged on fears of a potential decision by Britain to exit the EU.

Apart from concerns about Thursday’s referendum on the UK’s EU membership, a stronger US dollar is also pressing down crude oil prices, CPC said in a statement.

The latest price cuts would bring down the company’s wholesale fuel prices by an average of 3.27 percent this week from last week, CPC said.

CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化) said it would lower its wholesale gasoline and diesel prices by NT$0.5 per liter, with the scale of retail price changes left to individual gas stations.

Formosa said the resumption of oil output in Fort McMurray, Canada, has also affected market sentiment and placed pressure on crude prices.

Its price changes are to take effect today.

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