Oil prices to keep dipping

By Kevin Chen  /  Staff reporter

Mon, Sep 23, 2013 - Page 13

The nation’s oil refiners yesterday announced they would lower their prices for gasoline and diesel products for the third consecutive week, effective today.

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) will cut gasoline prices by NT$0.30 and NT$0.40 per liter respectively, on diesel after global crude oil prices fell on easing Middle East supply concerns, the firms said.

Prices also dropped last week after production rose in Libyan oil fields, CPC said. It said the cuts reflected a 1.47 percent fall in its average crude oil costs of US$108.79 per barrel week on week.

Formosa said global oil prices declined in a week of volatile trading after a US-Russian agreement reduced the odds of military strikes against Syria. It would match CPC’s price adjustments, considering global oil market sentiment and local market competition, the company said.