Mon, Dec 24, 2018 - Page 16 News List

Oil refiners to drop fuel prices for a second week

By Chen Cheng-hui  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would lower gasoline and diesel prices for a second consecutive week, as global crude oil prices continued to move lower last week. The price cuts of NT$0.9 per liter are to take effect today.

Fuel prices at CPC gas stations are to fall to NT$25.4, NT$26.9 and NT$28.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to fall to NT$23.2 per liter, CPC said in a statement.

Oil market sentiment remained bearish last week due to falling US equities, the interest rate hike by the US Federal Reserve and concerns over oil demand for next year, the refiner said, adding that the average cost of its crude oil per barrel fell from US$59.39 to US$55.53 last week.

FORMOSA PRICES

Privately owned refiner Formosa Petrochemical Corp (台塑石化) yesterday said that it would lower gasoline prices by NT$0.9 per liter and diesel prices by NT$0.8 per liter, also effective today.

That would see the company’s prices for 92, 95 and 98-octane unleaded fall to NT$25.4, NT$26.8 and NT$28.9 per liter respectively, with premium diesel retreating to NT$23 per liter.

Formosa said in a separate statement that, while a slowdown in the global economy has raised worries about the outlook for oil demand, higher production from US shale oil and Russian crude oil has also negatively affected market sentiment.

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