The nation’s two refiners yesterday announced they are reducing diesel prices by NT$0.10 per liter, while keeping gasoline prices unchanged. The new rates are effective today.
State-run CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said their average crude oil costs fell last week from the previous week following sessions of volatile trading marked by the better-than-expect US economic data, an increase in the US’ crude inventory and speculation about the US Federal Reserve’s withdrawal of its quantitative easing measures this fall.
Under CPC’s pricing mechanism, its average crude oil costs dropped US$0.74 to US$104.51 per barrel last week from the previous week.
With the NT dollar depreciating NT$0.135 against the greenback last week, the firm’s weighted oil price formula showed a 0.21 percent decline in the week, enabling it to cut diesel prices, but maintain gasoline prices, the company said.