Mon, Jul 18, 2016 - Page 16 News List

CPC to cut prices of gasoline, diesel on rising supplies

Staff writer, with CNA

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it is lowering its gasoline and diesel prices by NT$0.4 per liter today.

CPC president Paul Chen (陳綠蔚) said several factors, including the resumption of oil production in Canada, increased reserves in the US and Nigerian oil re-entering the market, suggested rising oil supplies, leading traders to drive global crude prices down.

The International Energy Agency on Wednesday pointed to a continued rise in global crude reserves and an increase in the number of active oil rigs in the US as key factors in the decline of oil prices, CPC said.

Based on CPC’s floating oil price mechanism, the company’s costs fell to US$43.51 per barrel last week from US$44.94 per barrel the previous week.

After factoring in the New Taiwan dollar’s appreciation of NT$0.165 against the US dollar, CPC said it is lowering fuel prices by 2.94 percent this week.

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