Lowering CPC's revenue target would reduce pressure on the company to further hike prices while dropping tariffs on gasoline, which may encourage foreign oil imports and create competition in the domestic oil market, Hu said.
CPC supplies nearly 70 percent of the nation's oil, while Formosa petrochemical controls the other 30 percent. The two companies have previously been found guilty of price fixing.
Additional reporting by Shelley Shan
also see story:
Ministry of Finance slashes tariffs on gas, diesel imports
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