State-run Chinese Petroleum Corp (
Formosa announced its plan to lower prices yesterday. Chinese Petroleum followed suit within a few hours.
At both companies, 92 unleaded gasoline will cost NT$17.1 per liter. For 95 unleaded and premier 98 unleaded, prices will be NT$18.2 and NT$19.5 per liter, respectively. Diesel oil prices will be cut by NT$0.3 to NT$0.5 per liter.
The two rivals ignited fierce competition last year by offering giveaways such as packets of tissues and rice wine in a bid to increase market share. The pair also gave away prizes such as cars and scooters.
But Formosa denied yesterday that its price-cuts were aimed at turning up the heat on its competitor. The company earlier had said its goal was to grab a 30-percent share of the market -- a benchmark that was increased to 50 percent by Formosa Chairman Wang Yung-ching (王永慶) last month.
As of March, Chinese Petroleum had 73 percent of the market, the company said.
In addition to cutting prices, Chinese Petroleum is also launching a NT$80 million lucky draw that will run between today and July 20.
Every 10 days, the company will give away a top prize of NT$1,688,888. More than 150,000 customers will win the prizes each draw while the lowest prize is NT$30, the company said in a written statement yesterday.
To win, customers will need to match the 10-digit number on their receipts to a number that will be drawn by the company.
Chinese Petroleum is also giving away airline tickets to Thailand.
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