CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced it would lower its gasoline and diesel prices by NT$0.1 per liter from today, due to the appreciation of the New Taiwan dollar against the US dollar last week.
The state-run oil refiner said international crude oil prices climbed slightly on concerns about whether the OPEC could reach an agreement to alleviate the supply glut.
The US Federal Reserve’s decision to put its key interest rate on hold also drove up oil prices, the company said.
Based on CPC’s pricing mechanism, the company’s average crude oil costs last week increased to US$44.01 per barrel from the previous week’s US$43.97.
However, as the NT dollar rose NT$0.309 against the greenback in the week, CPC said it decided to cut fuel prices by 0.71 percent, or NT$0.1 per liter.
Formosa Petrochemical Corp (台塑石化) on Saturday said it would reduce its prices by NT$0.1 per liter from today.
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