State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it will cut gasoline and diesel prices by NT$0.6 per liter as global crude oil prices declined on renewed concerns over a glut in crude supplies.
The price cuts are the steepest in a month.
US INVENTORY FACTOR
Global crude oil prices fell last week after the US commercial crude inventory rose unexpectedly for the first time since May, CPC said in a statement on its Web site.
Also, an increase in the US onshore rig count lent support to fears of a supply glut, the company said.
Global crude oil prices dipped 5.49 percent, or US$2.38, to US$40.96 per barrel last week, compared with US$43.34 per barrel the prior week, according to CPC’s pricing formula.
As a result, domestic fuel prices should be reduced by 4.39 percent, CPC said, after pricing in changes in foreign exchange rates.
Formosa Petrochemical Corp (台塑石化), the nation’s only privately owned refiner, on Saturday announced that it would lower gasoline and diesel prices by NT$0.6 per liter, effective today.
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