Domestic gasoline prices decrease after 4-week rise

This is the first price reduction after the state-owned oil refiner increased fuel costs for four consecutive weeks.

CPC executives said the price cuts reflect the falling costs of imported crude oil on the international market caused by rising inventory in the United States.

Other factors included market reports that Saudi Arabia, a major crude oil supplier, could consider boosting production.

Formosa Petrochemical Corp., CPC's rival in the private sector, also announced reductions in its gasoline and diesel prices by NT$0.40 and NT$0.30 a liter, effective today.

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