Mon, Feb 05, 2018 - Page 16 News List

CPC lowers fuel prices for the first time in eight weeks

By Chen Cheng-hui  /  Staff reporter

Domestic fuel prices are to fall today, the first drop in eight weeks, after global crude oil prices moved lower amid worries among investors about increases in US crude oil inventories and oil production, state-run refiner CPC Corp, Taiwan (CPC, 台灣中油) said yesterday.

The average cost of crude oil decreased by US$0.83 per barrel to US$67.05 last week, from US$67.88 the previous week, CPC said in a statement.

This allowed the company to cut gasoline and diesel prices by NT$0.2 per liter from today, after factoring in the New Taiwan dollar’s appreciation of NT$0.065 against the US dollar, it added.

Formosa Petrochemical Corp (台塑石化) on Saturday announced similar cuts, effective from today.

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