Oil refiners to drop prices

By Kevin Chen  /  Staff reporter

Mon, Oct 29, 2012 - Page 13

The nation’s two refiners yesterday said they would lower gasoline product prices by NT$0.6 per liter and NT$0.7 a liter for diesel this week, effective today, as global crude oil prices fell.

The latest price cuts by the state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) and its privately owned rival Formosa Petrochemical Corp (台塑石化) reflected falling global crude oil prices last week due to the less-promising economic data from Europe and higher crude oil inventories in the US, the companies said.

CPC said in a statement that its average oil costs decreased by 2.78 percent last week. The company’s weighted oil price formula showed prices dropped US$3.97 per barrel to US$107.59 in the week, it said.

World oil prices were also down last week on worse-than-expected US corporate earnings, Formosa Petrochemical Corp said in a separate statement.