《TAIPEI TIMES》 CPC, Formosa to reduce diesel and gas prices today
By Chen Cheng-hui / Staff reporter
State-run oil refiner CPC Corp, Taiwan （CPC, 台灣中油） yesterday announced that it would cut gasoline and diesel prices by NT$0.2 per liter from today, ending four consecutive weeks of price hikes.
Based on the company’s floating oil price formula, oil prices last week decreased by US$1.04 per barrel to US$62.72, CPC’s Web site said.
CPC attributed the decline to negative sentiment in the crude oil market, with investors concerned about trade talks between the US and China.
After the adjustments, prices at CPC fuel stations are to drop to NT$26.9, NT$28.4 and NT$30.4 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to decrease to NT$24.8 per liter, the company said.
Last week’s crude prices also reflected the mixed bag of news that US crude oil inventories were higher than expected, while major oil producers agreed to further limit their output next quarter, said Formosa Petrochemical Corp （台塑石化）, which announced similar cuts yesterday.
Prices at Formosa’s fuel stations, also effective today, are to decline to NT$26.9, NT$28.3 and NT$30.4 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to fall to NT$24.6 per liter.