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CPC cuts gasoline, diesel prices by NT$0.6, NT$0.7

The China Post news staff--State-run oil refinery CPC Corp. announced yesterday that it will cut gasoline and diesel prices by NT$0.6 and NT$0.7 a liter, respectively, at midnight today, in response to the large decrease in international oil prices last week.

CPC Corp. is now selling 92-, 95- and 98-grade gasoline at NT$33.4, NT$34.9, NT$36.9, respectively, and super diesel at NT$32.2 a liter — the lowest prices since Aug. 13.

After the price cuts, drivers will be able to save NT$30 for every 50 liters of gasoline.

Formosa Petrochemical, CPC's main competitor, also announced that it will cut its gasoline and diesel prices by the same margins. It is now selling 92-, 95- and 98-grade gasoline at NT$33.3, NT$34.9, NT$37.1, respectively, and diesel at NT$32.2 a liter.

The recent decrease in international oil prices was mainly due to the ongoing European sovereign debt crisis, worse-than-expected financial reports of several major U.S. corporations and the increase in global crude oil storage, according to Formosa Petrochemical's website.

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