Oil refiners to cut gas prices

by Kevin Chen  /  Staff reporter

Mon, Jun 25, 2012 - Page 13

The nation’s two refiners yesterday said they would cut gas prices by NT$0.4 per liter and diesel prices by NT$0.7 a liter this week, the 12th straight cut in as many weeks. The new rates take effect today.

The refiners have lowered their gas prices by NT$3 a liter and NT$3.5 a liter for diesel since April 2 when they increased prices by between NT$2.3 a liter and NT$3.6 a liter, or an average of 10.7 percent.

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday that their latest price adjustment reflected market concerns about an unsteady global economic recovery amid the lingering eurozone debt problem.

Prices also fell as a result of high US crude inventories last week, CPC added.

Based on CPC’s pricing mechanism, its average oil costs fell US$3.92 per barrel to US$92.72 per barrel last week from the previous week.