The nation's two oil refiners, Formosa Petrochemical Corp and Chinese Petroleum Corp (CPC), matched each other's moves yesterday, cutting wholesale gasoline prices twice, down to the same level.
Following the two price reductions, Formosa Petrochemical, which took the lead in reducing rates, slashed gasoline prices by NT$1.4 a liter. The state-owned CPC lowered prices by NT$0.8 a liter, or an average of 3.48 percent.
"Our moves are aimed at reflecting international market trends, as crude oil prices have now dropped to around US$60 a barrel, giving us room for price cuts," a Formosa Petrochemical official who refused to be named said yesterday.
Crude oil futures in New York have declined 15 percent since reaching a record US$70.85 a barrel on Aug. 30.
Yesterday's price reductions put pump prices at NT$26.1 per liter for 98-octane unleaded gasoline, NT$24.6 for 95-octane gasoline and NT$23.9 for 92-grade, the two companies said.
Wholesale rates for diesel oil remain unchanged, they added.
Yesterday's reduction marked the second time this month that Formosa Petrochemical has adjusted prices, after a NT$1.8 a liter cut on Oct. 1, to "safeguard our contract gas stations' rights and interests amid fierce competition," the official said.
The Fair Trade Commission has fined the two oil refiners in the past for price fixing. This year alone, the two have raised prices at similar times in March and early August.
On Aug. 31, Formosa Petrochemical surprised consumers by raising gasoline prices by NT$2.4 a liter, or 10 percent. CPC did not follow suit, and as a result Formosa stations lost customers and long lines were seen in front of CPC gas stations, as drivers filled up on the cheaper product.
A day later, Formosa retailers said that business had dropped by nearly 70 percent and they threatened to hold strikes to protest Formosa's higher wholesale price.
On Oct. 1, Formosa Petrochemical agreed to reduce gasoline prices by NT$1.8 a liter.
By law, fuel suppliers are permitted to set oil-product prices. Even so, the government has discouraged them from passing on the full impact of higher oil costs.
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