The nation’s two oil refiners yesterday said they would lower gasoline and diesel prices by NT$0.4 per liter. The third consecutive week of price cuts reflects falling global crude oil prices.
Global oil prices declined in a week of volatile trading last week, characterized by positive economic data in the US and Europe, as well as uncertainty about a potential hike in production, Formosa Petrochemical Corp (台塑石化) said in a statement.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a separate statement that sentiment in the global oil market last week was negatively affected by the continued increase in US crude oil inventories and OPEC’s plan to raise oil production.
CPC said its average oil costs decreased by 1.48 percent last week. The company’s weighted oil price formula showed prices dropped US$2.07 per barrel to US$107.21 over the week.