Increased output to affect fuel prices

By Kevin Chen  /  Staff reporter

Mon, Jan 13, 2014 - Page 13

The nation’s two oil refiners yesterday said they would lower domestic gasoline and diesel prices by NT$0.40 per liter, beginning today, after global crude oil prices fell last week on recovered production in Libya and increased output from non-OPEC producers.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs fell by 1.48 percent last week from the previous week.

The firm’s oil price formula — 70 percent Dubai crude and 30 percent Brent crude — declined by US$2.87 per barrel to US$105.04 during the week, CPC said.

Formosa Petrochemical Corp (台塑石化) said it would cut gasoline and diesel prices, after the US government reported its crude oil production increased while inventories of gasoline and distillate fuel remained sufficient.

Global crude prices were hit, as a higher greenback makes crude oil less affordable and depresses demand, Formosa said.