State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline prices by NT$0.1 per liter as a strong local currency offset an increase in world crude oil prices.
Meanwhile, diesel prices would remain flat, CPC said in a statement released yesterday.
International crude oil prices rebounded 0.36 percent, or US$0.13, to NT$36.67 per barrel, from US$36.54 a week earlier based on CPC’s pricing mechanism. International crude prices regained strength last week after Iran boosted daily output to 4 million barrels, rejecting an OPEC accord to freeze oil output to ease a global glut, the company said.
OPEC is schedule to meet next month to approve the output freezing consensus, a statement said.
After factoring in an appreciation of the New Taiwan dollar, up by NT$0.272 versus the US dollar, domestic gasoline prices should come down 0.38 percent.
Ahead of CPC, Formosa Petrochemical Corp (台塑石化 ), the nation’s sole privately run oil refiner, announced a price cut of NT$0.1 per liter for its gasoline products on Friday. Diesel prices remain unchanged.
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