Taiwan's oil refineries to reduce prices of fuel by NT$0.2 on Monday
By John Liu , The China PostTAIPEI, Taiwan -- Effective today, the per-liter price of domestic fuel will be reduced by NT$0.2, state-owned oil refinery CPC Corp. (中油) and private competitor Formosa Petrochemical Corp. (FPC, 台塑) announced yesterday.
October 28, 2013, 12:02 am TWN
CPC will price its 92-grade unleaded gasoline at NT$33.4 per liter, 95-grade at NT$34.9, 98-grade gasoline at NT$36.9 and diesel at NT$32.2.
After the adjustment, FPC will sell its 92-grade unleaded gasoline for NT$33.3 per liter, 95-grade for NT$34.9, 98-grade gasoline for NT$37.1, and diesel for NT$32.2.
CPC said that crude oil reserves in the U.S. were higher than market expectations, contributing to a decline in international oil prices.
This week's 70-percent Dubai and 30-percent Brent crude indices averaged US$107.12 per barrel, down US$1.01 from last week's US$108.13, CPC indicated. In addition, the local dollar appreciated against the greenback, causing domestic oil prices to decline by 0.76 percent.
FPC pointed out that the U.S.'s crude oil reserves continue to rise, resulting in declining international oil prices. In light of the trend of oil prices in the international market as well as domestic competition factors, FPC dropped its gasoline and diesel prices.