Mon, Mar 20, 2017 - Page 16 News List

Refiners trim fuel prices amid falling crude oil costs

Staff writer, with CNA

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would cut gasoline prices by NT$0.8 and diesel prices by NT$0.7 per liter today to reflect a fall in international crude oil prices last week.

CPC said its average crude oil costs last week dropped US$3 per barrel from the previous week to US$50.14 after international crude oil prices moved lower in the wake of concerns about oversupply as US commercial crude oil inventories continued to rise.

Taking into account the New Taiwan dollar’s appreciation of NT$0.15 against the US dollar, CPC said it decided to lower wholesale prices for diesel and gasoline products by 4.88 percent.

CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化) announced cuts of between NT$0.7 and NT$1 per liter for gasoline and NT$0.7 per liter for diesel.

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