Mon, Sep 05, 2016 - Page 16 News List

CPC to cut gasoline, diesel prices

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it is to cut gasoline and diesel prices by NT$0.5 per liter from today, as renewed concerns about oversupply drove down global crude oil prices.

Worries about a glut emerged, with Iraq increasing crude exports to safeguard its market share and OPEC as a whole pumping out crude at record-high levels, CPC said in a statement posted on its Web site.

In addition, US crude stockpiles climbed at a faster-than-expected rate, further deepening fears of a glut, the statement said.

Global crude oil prices declined 4.23 percent, or US$1.98, to US$44.87 per barrel last week, compared with US$46.85 in the previous week, according to CPC’s pricing information.

Domestic fuel prices should drop 3.36 percent after factoring in the New Taiwan dollar’s depreciation of NT$0.009 against the US dollar last week, which increased oil import costs, CPC said.

The nation’s sole private-run oil refiner, Formosa Petrochemical Corp (台塑石化), on Saturday said that it will also lower gasoline and diesel prices by NT$0.5 per liter.

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