The nation’s two refiners yesterday said they would lower gasoline and diesel product prices by NT$0.30 per liter this week, effective today.
This is the second week in a row that state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) and its privately owned rival Formosa Petrochemical Corp (台塑石化) decided to cut domestic fuel prices to reflect falling global crude oil prices.
CPC said in a statement that its average oil costs declined by 1.18 percent last week, after global crude oil prices fell on the weaker-than-expected US economic data and persistent market concerns over the eurozone debt crisis.
The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices dropped US$1.61 per barrel to US$109.07 in the week, CPC said.
World oil prices also fell last week on the still-tense situation in the Middle East, Formosa said in a separate statement.