Mon, Feb 12, 2018 - Page 16 News List

CPC drops fuel prices until after New Year holiday

Staff writer, with CNA

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would lower gasoline and diesel prices by NT$0.6 per liter, following a drop in international crude oil prices last week.

The decision to cut fuel prices was made in the wake of falling crude oil prices, which experienced their biggest drop in two months, in addition to record-high crude output in the US, CPC said.

Following the fluctuations in international crude oil prices, CPC’s average price for crude oil was calculated at US$63.98 per barrel, a decrease of US$3.07 from a week earlier.

Meanwhile, the company said that it would not raise domestic fuel prices during the Lunar New Year holiday until midnight on Feb. 25 if international crude prices surge, but added that it would cut prices during the period accordingly if global crude prices drop.

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

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