State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will lower gasoline and diesel prices by NT$0.1 per liter as a result of the decline in global crude oil prices amid concern about the US “fiscal cliff.”
The 0.41 percent price cut ended price hikes over the past two weeks, excluding taxes.
Global crude oil prices fell 0.39 percent to US$108.84 per barrel last week, compared with US$109.27 per barrel in the week before, as investors worried that slow progress in negotiations to solve the US fiscal cliff would push the US economy into a second-dip, CPC said in a statement posted on its Web site.
CPC said the New Taiwan dollar’s appreciation of NT$0.034 last week versus the US dollar also helped cut the costs of importing crude oil.
Local rival Formosa Petrochemical Corp (台塑石化) yesterday said it would cut gasoline and diesel prices by NT$0.1 per liter as well.