The nation’s oil refiners yesterday announced they would lower their prices for gasoline and diesel products for the first time in four weeks, effective today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) will cut gasoline prices by NT$0.20 per liter and NT$0.10 per liter for diesel prices after global crude oil prices fell last week amid fewer tensions in the Middle East, the companies said.
Oil prices also dropped amid expectations of decreasing demand as the market enters the fall season, CPC said.
The state-run refiner said that the cuts reflected a 0.6 percent fall in its average crude oil costs of US$111.71 per barrel last week from the previous week.
Formosa said global oil prices declined in a week of volatile trading. The company said it would match CPC’s price adjustments, considering global oil market sentiment and local market competition.