State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would cut gasoline and diesel prices by NT$0.3 and NT$0.4 per liter respectively from today, as international crude oil prices have dropped amid excessive supply.
CPC said that global oil prices retreated mainly on concerns about rising inventories due to a slowdown in economic growth in China and a poor stock market performance in the US last week.
The oil refiner said that, based on its floating oil price mechanism, its costs declined 3.25 percent, or US$1.57, to US$46.72 per barrel last week, compared with US$48.29 in the previous week.
After factoring in the New Taiwan dollar’s depreciation of NT$0.079 against the US dollar, CPC said it would lower domestic oil prices by 2.41 percent this week.
Formosa Petrochemical Corp (台塑石化), the nation’s only private oil refiner, is also lowering its prices for gasoline and diesel by NT$0.3 and NT$0.4 per liter respectively from today.
Global crude oil prices dropped last week, mainly because the market is worried that China’s economic slowdown would threaten crude oil demand, Formosa Petrochemical said in a statement.
Formosa Petrochemical’s 98-octane unleaded gasoline is to be NT$26.8 per liter, NT$0.2 more expensive than CPC’s equivalent.
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