Domestic gasoline prices decrease after 4-week rise
The China Post news staffTAIPEI, Taiwan -- CPC Corp., Taiwan lowered fuel costs by shaving gasoline and diesel prices NT$0.40 and NT$0.30 per liter respectively for the week starting today.
February 25, 2013, 12:05 am TWN
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.