State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$0.1 per liter, or about 0.3 percent, as global oil prices dropped amid uncertainty about the US economic recovery and an easing of tensions with OPEC-member Iran.
The price cut meant the fourth reduction since a spike on April 2, after the government decided not to control fuel prices through subsidies as CPC’s losses swelled.
The global crude oil price dropped 0.23 percent, or US$0.27, to US$115.72 per barrel last week, down from US$115.99 in the prior week, according to CPC’s pricing mechanism, which helped trim CPC’s costs. A rise in the New Taiwan dollar against the US dollar also helped reduce CPC’s oil import costs, the company said.
Formosa Petrochemical Corp (台塑石化) said it would also lower gasoline and diesel prices by NT$0.1 per liter.