Oil refiner CPC Corp, Taiwan (CPC, 台灣中油) announced that it would today cut gasoline prices by NT$0.4 and diesel prices by NT$0.5 per liter to reflect the continued decline in international crude oil prices last week.
The second straight week of price cuts reflected the still-weak market sentiment, which is due to a supply glut after Libya resumed its crude oil exports and because the US might ease sanctions on Iranian oil exports, CPC said in a statement.
The average cost of its crude oil fell to US$71.1 per barrel last week from NT$74.31 a week earlier, the refiner said.
After taking into account the New Taiwan dollar’s depreciation of NT$0.13 against the US dollar during the week, CPC said it decided to cut wholesale prices for its fuels by 3.13 percent.
Formosa Petrochemical Corp (台塑石化) said it would match CPC’s price cuts, effective today, citing reports that Russia and other oil producers might increase their oil output and the US might release its strategic petroleum reserves, which have added to the already weak market sentiment.
In related news, CPC said that on Friday last week it signed a memorandum of understanding with Vietnam’s Sovico Holdings Co, regarding cooperation in oil exploration, oil product sales and related investments.
Sovico Holdings is a multi-sector holding company with a diversified portfolio, ranging from banking and finance to real estate, aviation, hospitality and industry.
The company has many large subsidiaries, including budget airline Vietjet Air, CPC said.
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