TAIPEI: State-run oil refiner CPC Corp, Taiwan said it would cut gasoline prices by NT$0.1 per liter, with diesel prices remaining unchanged here the other day, as global crude oil prices fell slightly last week.
On Monday last week, the company raised gasoline and diesel prices by NT$0.1 per liter, bringing to an end the declining trend recorded in the previous 19 consecutive weeks.
“International crude oil prices declined during the past week on the impact of various negative announcements, including the decline of orders for durable goods in the US, and the increase in US commercial crude oil reserves,” CPC said in a statement here the other day.
However, according to the weighted oil pricing formula adopted by CPC, prices still rose to US$45.28 per barrel last week, up US$0.12, or 0.27 percent, from the level of US$45.16 per barrel in the previous week.
After factoring in the New Taiwan dollar’s appreciation of almost NT$0.14 against the US dollar, the company is to lower gasoline prices by 0.14 percent, with diesel prices keeping flat, the statement added.
Formosa Petrochemical Corp said in a separate statement that it would also cut gasoline prices by NT$0.1, with diesel prices remaining unchanged.
The nation’s only privately run oil refiner said its move reflects global oil market sentiment and local market competition, but Formosa always follows CPC’s pricing adjustments, making the market a virtual monopoly.
Meanwhile, CPC yesterday said it would cut prices for liquefied natural gas (LNG) products, but raise those for liquefied petroleum gas (LPG) items this month.
Effective today, CPC cut the price per cubic meter of LNG by 8.33 percent on average from last month, saying that an average consumption of between 30m3 and 45m3 per month would mean savings of between NT$35.4 and NT$53.1 for each household, the company said.
Prices for household LPG are to rise by NT$0.8 per kilogram and by NT$0.4 per liter for LPG used in cars, CPC said.
As a result, the price of a 20kg household gas cylinder would increase by NT$16, the company said.
