Oil refiners cut gas prices

By Lisa Wang  /  Staff reporter

Mon, Mar 04, 2013 - Page 13

State-run CPC Corp, Taiwan (CPC, 中油) yesterday cut fuel prices for the second week following a 3 percent drop in global crude oil prices.

CPC cut gasoline prices by NT$0.6 per liter and diesel prices by NT$0.7 per liter as global crude oil prices fell US$3.38 to US$109.28 per liter last week because of disappointing manufacturing figures from China and Europe, and concern over US budget cuts, according to the firm’s Web site.

The company said it would extend a fuel subsidy program for the local transportation sector and taxi drivers.

CPC raised subsidies for the transportation sector to NT$5 per liter last month from NT$4.2 per liter in January. Taxi drivers received NT$4.4 per liter in subsidies last month, up from NT$4.2 per liter the previous month.

Formosa Petrochemical Corp (台塑石化 ) yesterday said it would cut gasoline prices by NT$0.6 per liter and diesel by NT$0.7 per liter.