Date: Feb 15, 2016
By: Kevin Chen / Staff reporter
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would lower its gasoline and diesel product prices by NT$0.90 per liter, effective today.
This is the first time in three weeks that the refiner decided to cut domestic fuel prices to reflect falling global crude oil prices.
CPC said in a statement that its average oil costs fell by 8.17 percent last week from the previous week, after OPEC and Russia failed to reach a consensus on oil output cuts, the International Energy Agency said in its monthly report that the market is awash in oil and US crude oil inventories continued to increase, which dashed hope for a broader oil market recovery and sent oil prices down during the week. [FULL STORY]