Mon, Jul 17, 2017 - Page 16 News List

CPC, Formosa cut prices amid supply glut, forex gain

Staff writer

State-owned CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it is lowering its domestic gasoline prices by NT$0.3 per liter and diesel prices by NT$0.4 per liter today.

The refiner said the average cost of its crude oil fell to US$46.44 per barrel this week from NT$47.7 a week earlier, as fears remained over a supply glut from US shale production and production in Libya.

After taking into account an appreciation of NT$0.041 in the New Taiwan dollar against the US dollar during the week, CPC said it decided to cut wholesale prices for its fuels by 2.22 percent.

Formosa Petrochemical Corp (台塑石化) announced similar price cuts on Saturday.

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