The nation’s two oil refiners yesterday said they would lower domestic gasoline and diesel prices after global crude oil prices fell last week as investors lost confidence in European leaders’ efforts to resolve the eurozone debt crisis.
Crude oil prices also dropped after the latest US data showed an increase in the country’s crude inventory for the week, state-run CPC Corp, Taiwan (CPC, 台灣中油), said in a statement.
CPC said its average crude oil costs dropped by US$0.11 per barrel to US$108.95 last week from the previous week. Because the New Taiwan dollar rose NT$0.104 against the US dollar last week, which lowered CPC’s costs, the company decided to lower fuel prices by NT$0.1 per liter, the statement said.
Formosa Petrochemical Corp (台塑石化) said it would also cut gasoline and diesel prices by NT$0.1 a liter, citing fierce competition with CPC in the domestic market.