State-run CPC Corp, Taiwan (CPC, 中油) will cut gasoline and diesel pieces for a third week as decline in global crude oil prices accelerated on concern that unresolved US “fiscal cliff” would jeopardize the global economic recovery, CPC said in a statement yesterday.
CPC said it would reduce gasoline and diesel prices by NT$0.3 and NT$0.2 per liter respectively.
Global crude oil prices fell 1.34 percent to US$106.07 per barrel last week, compared with US$107.51 per barrel in the prior week, following a 1.23 percent weekly drop two weeks ago, according to a company statement.
Falling global crude prices and strong NT dollar resulted in a 1.08 percent price reduction on average in gasoline and diesel prices, CPC said in the statement.
Rival Formosa Petrochemical Corp (台塑石化) yesterday also said it would cut prices of its gasoline and diesel by NT$0.3 and NT$0.2 per liter.