The state-owned oil refiner CPC Corp, Taiwan (台灣中油) is cutting the prices of gasoline and diesel by NT$0.6 per liter to reflect the falling global crude oil price, following two consecutive price hikes earlier this month.
The oil refiner said the global price for crude oil decreased by 3.02 percent to US$75.96 per barrel last week, from US$79.04 per barrel a week ago, based on its own method of calculation, a company statement released yesterday said.
Formosa Petrochemical Corp (台塑石化), the only privately run oil refiner, followed suit by reducing gasoline and diesel prices by NT$0.6 per liter to reflect falling prices.
Global crude oils price fell as signs in China and the US pointed to a possible economic slow down later this year, sending local stock markets down and triggering further speculation about possible weakening demand for energy, Formosa said in a statement posted on its Web site yesterday.
The new price tariffs for both gasoline and diesel are effective from today.
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