Refiners maintain prices

By Kevin Chen  /  Staff reporter

Mon, Jun 10, 2013 - Page 13

The nation’s two oil refiners announced yesterday that they would keep gasoline prices unchanged from last week, but would lower diesel prices by NT$0.1 per liter, effective today.

CPC Corp Taiwan (台灣中油) said global crude oil prices rose slightly last week as the oil market expected the US central bank to continue its monetary easing policy and the US reported a decline in its crude oil inventories.

Under CPC’s pricing mechanism, its average crude oil costs rose US$0.08 to US$100.53 over the week. The appreciation of the New Taiwan dollar against the US dollar by NT$0.11 in the week offset the rise in crude oil costs, the firm said.

Formosa Petrochemical Corp (台塑石化) said global crude oil prices edged up in a week of volatile trade last week, but it would match CPC’s price adjustments, considering the sentiment in the global oil market and current market competition.