Local fuel prices drop for 5th straight week on import costs
The China Post news staffTAIPEI, Taiwan -- Both of Taiwan's two oil refiners shaved gasoline and diesel prices by NT$0.20 per liter on the domestic market for the week starting today. This is the fifth consecutive fuel price reductions in five weeks.
October 7, 2013, 12:06 am TWN
CPC Corp., Taiwan said yesterday that the suggested retail prices for the company's 92-, 95- and 98-grade unleaded gasoline will be NT$33.30, NT$34.80 and NT$36.80 a liter, respectively; while the new super diesel price will be reduced to NT$32.20.
Executives at the state-owned enterprise said the continuous downward price adjustments reflecting falling crude oil import costs on the international markets.
Major factors for softening energy demand included rising inventory of commercial crude oil in the United States and the rise of the New Taiwan dollar against the greenback for the past week.
Other factors included growing market concern that the deadlock over raising the government debt limit at the U.S. Congress may have negative impact on economic growth and demand for crude oil.