Mon, Aug 20, 2018 - Page 16 News List

CPC, Formosa to lower fuel prices as crude oil falls

By Chen Cheng-hui  /  Staff reporter

Oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would cut gasoline prices by NT$0.1 and diesel prices by NT$0.2 per liter today, to reflect the continuing decline in international crude oil prices last week.

The third straight week of price cuts reflected market sentiment, which remains weak due to a new US government report that estimates its onshore shale oil production could hit a record high next month, and because of a stronger US dollar, which makes crude oil more expensive for holders of other currencies, CPC said in a statement.

The average cost of its crude oil fell to US$70.61 per barrel last week from NT$71.97 a week earlier, CPC said.

After taking into account the New Taiwan dollar’s depreciation of NT$0.185 against the US dollar during the week, CPC said it decided to cut wholesale prices by 1.04 percent.

Formosa Petrochemical Corp (台塑石化) announced it would cut gasoline and diesel prices by the same margin, effective today, citing market concerns between the Turkish currency crisis and a steady increase in US crude stockpiles.

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