State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would lower prices for its gasoline and diesel products by NT$0.1 per liter as a stronger New Taiwan dollar offset a slight increase in global crude oil prices.
The local currency rose 0.25 percent last week to NT$29.286 against the US dollar.
Meanwhile, global crude oil prices inched up nearly 0.2 percent to US$111.56 per barrel last week from US$111.34 per barrel, based on CPC’s pricing mechanism, because of better US industrial data and persistent tension between Syria and Turkey, the company said in a statement posted on its Web site.
That resulted in a 0.14 percent price cut for the oil refiner’s fuel products.
Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, yesterday said it would match CPC’s move by reducing fuel prices by NT$0.1 per liter.