Mon, May 07, 2018 - Page 16 News List

CPC cuts gasoline prices, but keeps diesel unchanged

By Chen Cheng-hui  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would cut gasoline prices by NT$0.1 per liter from today, but keep diesel prices unchanged from last week, ending three weeks of price hikes.

The company’s floating oil price formula showed that its oil costs last week decreased by US$0.34 per barrel to US$71.49, its Web site showed.

After factoring in the New Taiwan dollar’s depreciation of NT$0.076 against the US dollar, CPC said its average oil import costs last week fell 0.17 percent from the previous week.

CPC attributed the decline to an increase in US commercial crude oil inventories and a continued boom in US oil production, which raised market concern over excess supply and last week pushed down global crude oil prices.

Formosa Petrochemical Corp (台塑石化) on Saturday announced it would cut both gasoline and diesel prices by NT$0.1 per liter, effective today.

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