State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will cut gasoline and diesel prices by NT$0.1 per liter after crude import costs dropped due to global crude prices lowering as tensions between Ukraine and Russia eased, while US commercial crude reserves rose.
The price cuts will bring domestic fuel prices down from about three-month high.
Global crude oil prices fell 0.34 percent to US$107.51 per barrel last week, compared with US$107.88 in the previous week, CPC said in a statement on its Web site.
CPC said the appreciation of the New Taiwan dollar to NT$30.132 against the greenback also help cut crude import cost.
Formosa Petrochemical Corp (台塑石化) will match CPC’s price cuts, it said in a statement.
In a separate statement, CPC said it will cut liquefied natural gas prices by 0.7 percent this month from last month, but keep those for liquefied petroleum gas unchanged.
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