CPC Corp, Taiwan (CPC, 中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they will slash gasoline and diesel prices by NT$1 and NT$1.1 per liter after global crude oil prices plummeted 4.82 percent last week on concern about oil consumption after the IMF reduced global economic growth forecasts.
The price cuts will put the nation’s fuel prices at their lowest level since July last year.
Global crude oil prices slid or US$4.96, or 4.82 percent, to US$98.05 per barrel last week, compared with US$103.01 per barrel in the previous week, amid worries that the weak economic recovery would curb oil demand, CPC said in a statement.
Factoring in the appreciation of the New Taiwan dollar against the US dollar, which rose against the greenback by NT$0.116 last week, prices for should drop 4.15 percent. A strong local currency would reduce CPC’s crude import costs.