State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would trim gasoline and diesel fuel prices by another NT$0.4 per liter as falling global prices of crude oil helped it save on import costs.
This is the second week in a row that CPC decided to cut prices after the company’s average crude oil import cost slid 3.7 percent to US$110.13 per barrel from US$114.37 a week ago.
The price reduction ranged from 1.17 percent to 1.25 percent, smaller than the decline in global crude, as CPC hiked prices less than the global advance to help stabilize inflation when crude prices rallied.
“Increases in US gasoline reserves show that high oil prices have cut demand, leading to a slide in global crude oil prices,” CPC said in a statement posted online.
Matching CPC’s price cuts, private oil refiner Formosa Petrochemical Corp (台塑石化) said it would reduce gasoline and diesel prices by NT$0.4 per liter.