State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut gasoline and diesel prices by NT$0.3 per liter as global crude oil prices fell in the expectation that the spreading eurozone debt crisis and weak US economy would cut crude consumption.
Global crude oil prices decreased 2.96 percent last week to US$107.62 per barrel, down from US$110.9 in the prior week based on CPC’s own pricing mechanism, it said in a statement posted on its Web site.
CPC could have lowered gasoline and diesel prices by 1.96 percent, the company said, but the smaller price cut was because the company had limited price hikes during previous spikes in crude prices in accordance with the government’s policy of keeping consumer prices stable.
Local rival Formosa Petrochemical Corp (台塑石化) yesterday also decided to cut gasoline and diesel prices by NT$0.3 per liter.
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