State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$1.2 and NT$1.4 per liter respectively starting today, pushing prices to a six-year low.
CPC said that, according to its weighted oil price formula, prices dropped to US$48.51 per barrel last week, down 10.99 percent from US$54.5 per barrel the previous week. CPC cited OPEC’s reiteration of its intention to maintain production at current levels and the US’ increasing output of crude oil.
The depreciation of the New Taiwan dollar against the US dollar also affected the decline in oil prices, CPC said in a statement.
Since June 30 last year, the refiner has lowered gasoline and diesel prices by NT$11.3 and NT$12.5 per liter respectively.
Rival Formosa Petrochemical Corp (台塑石化) yesterday announced it would match CPC’s price cuts on both gasoline and diesel products.
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