State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will cut gasoline prices by NT$0.2 per liter and diesel prices by NT$0.1 per liter as global crude oil prices fell recently because of the US’ deficit issues and a rise in crude reserves.
The price cuts end three weeks of price hikes by the oil refiner.
Global crude oil prices dropped 0.67 percent, or US$0.73, to US$108.29 per barrel last week, compared with US$109.02 per barrel the previous week, CPC said in a statement posted on its Web site.
CPC said the New Taiwan dollar’s appreciation of NT$0.026 to NT$29.072 versus the US dollar last week also helped reduce import costs of crude oil.
Prices for gasoline and diesel products should fall by 0.61 percent on average this week, without accounting for taxes, CPC said.
Formosa Petrochemical Corp (台塑石化 ) yesterday said it would cut gasoline prices by NT$0.2 per liter and diesel by NT$0.1 per liter.