Refiners cut gasoline and diesel prices by NT$0.2 and NT$0.1
The China Post news staffTAIPEI, Taiwan -- Taiwan's two major refiners have lowered gasoline and diesel prices by NT$0.2 and NT$0.1 a liter, respectively, as oil traded internationally became less expensive.
January 21, 2013, 12:02 am TWN
With the price changes, CPC Corp. this week will sell 92-, 95- and 98-grade gasoline at NT$33.3, NT$34.8 and NT$36.8 a liter, respectively, and diesel at NT$32.2 a liter.
Formosa Petrochemical, CPC's main competitor, will meanwhile offer its 92-, 95- and 98-grade products at NT$33.2, NT$34.8 and NT$37, respectively, and diesel at NT$32.2.
According to CPC, international oil prices fell last week, on increased crude supplies and uncertainties over the U.S. economy as the White House and Congress are set to bicker over the federal government's ability to raise debts.
The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, fell to US$108.29 per barrel, down NT$0.73 from the US$109.02 a week earlier. The New Taiwan dollar, meanwhile, rose NT$0.026 last week against the greenback — a price decline of 0.61 percent, translating into a reduction of gasoline and diesel prices by NT$0.2 and NT$0.1 a liter, respectively.
CPC stresses that oil prices go up and down and that it will continue to monitor them carefully. It added that there are 112 CPC stations island-wide providing self-service pumps, through which consumers can save NT$0.8 a liter. The public is encouraged to use them.