State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will lower gasoline and diesel prices by NT$0.1 per liter as global crude oil prices dropped 0.82 percent last week after the International Energy Agency (IEA) lowered its global oil consumption forcast for this year.
That was the fourth weekly price cut by CPC reflecting a reduction in crude import costs.
Global crude oil prices fell 0.82 percent to US$106.33 per barrel last week, compared with US$107.21 per barrel the previous week, as crude oil consumption slowed amid discouraging economic data from France and Germany, CPC said in a statement posted on its Web site.
The IEA last week cut its forecast for the this year’s oil demand growth by 20,000 barrels per day to 820,000 barrels per day.
Factoring in the depreciation of the New Taiwan Dollar against the US dollar, down NT$0.038 last week, prices for gasoline and diesel should slide 0.56 percent. The decline in the local currency would push up CPC’s crude import costs.
Formosa Petrochemical Corp (台塑石化) yesterday said it would cut prices of its gasoline and diesel products by NT$0.1 per liter.