The state-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it was cutting prices for gasoline and diesel products for a second consecutive week on the back of declines in the global oil price.
CPC is reducing the price of gasoline and diesel products by NT$0.10 per liter, effective today.
The global oil price dropped 0.87 percent to US$82.93 per barrel last week, from US$83.66 the week before, CPC said in a statement, citing its own pricing mechanism.
GRAPHIC: TT
Formosa Petrochemical Corp (台塑石化), the nation’s only privately owned oil refiner, yesterday also announced cuts to gasoline and diesel prices of NT$0.1 per liter.
“Global oil prices declined on concerns about the debt crisis in Europe and slow economic growth in China [early last week] before gaining some ground after US major economic data boosted investor confidence,” Formosa said in a statement posted on its Web site.
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