Mon, Dec 17, 2018 - Page 16 News List

Refiners trim fuel prices after week of volatile trading

By Chen Cheng-hui  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday announced that it would lower gasoline and diesel prices by NT$0.1 per liter, effective today.

The price cuts reflect last week’s weakness in international crude oil prices, due to concerns over higher US crude production and the weak market outlook for next year, CPC said in a statement, adding that the average cost of its crude oil per barrel last week fell from US$60.19 to US$59.39.

Fuel prices at CPC gas stations are to fall to NT$26.3, NT$27.8 and NT$29.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$24.1 per liter.

Privately owned refiner Formosa Petrochemical Corp (台塑石化) announced similar cuts, also effective today, with prices for 92, 95 and 98-octane unleaded falling to NT$26.3, NT$27.7 and NT$29.8 per liter respectively, with premium diesel retreating to NT$23.8 per liter.

Formosa said that global oil prices declined in a week of volatile trading.

Oil prices moved down earlier last week following a marked fall in the global equity market, but prices pared losses as market sentiment improved on a supply disruption from production in Libya and the International Energy Agency’s warning about a possible undersupply of crude oil in the second quarter of next year, Formosa said.

The movement of oil prices in Taiwan in the short term depends on the development of global trade issues, but in the long run, oil prices are expected to rise as major oil-producing countries may agree on production cuts, CPC vice president Fang Jeng-zen (方振仁) told the Central News Agency yesterday.

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