Mon, Jun 04, 2018 - Page 16 News List

Refiners announce lower fuel prices as crude oil costs drop

By Chen Cheng-hui  /  Staff reporter

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would lower fuel prices this week after three consecutive weeks of price increases.

The two refiners said in separate statements that they would cut gasoline and diesel prices by NT$0.4 per liter, effective today, as global crude oil prices weakened amid reports that major producers Saudi Arabia and Russia might ease their oil output curbs in the second half of this year.

Rising production in the US has contributed to the market sentiment that crude prices might not climb any higher, CPC said.

The market was last week also roiled by political uncertainty in Italy, Formosa said, which ended on Friday with the appointment of Giuseppe Conte as prime minister.

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