State-run Chinese Petroleum Corp, Taiwan (CPC, 中油) yesterday said it will cut gasoline and diesel prices by NT$0.4 per liter as global crude oil prices fell in expectation that oil Lybia would resume oil production after reaching a temporary agreement with protestors.
Global crude oil prices dropped 1.86 percent to US$107.91 per barrel last week, compared with US$109.86 per barrel in the previous week, CPC said in a statement posted on its Web site.
CPC said the New Taiwan dollar’s appreciation of NT$0.036 last week against the US dollar has helped cut crude oil import cost.
Taking both factors into consideration, prices for gasoline and diesel products should go down by 1.59 percent on average this week, without adding in taxes, CPC said.
Formosa Petrochemical Corp (台塑石化) yesterday also said it would also trim prices of its gasoline and diesel products by NT$0.4 per liter.