Date: Jul 27, 2015
By: Lauly Li / Staff reporter
State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would cut prices of gasoline by NT$0.2 per liter and diesel by NT$0.3 per liter from today to reflect declining global crude oil prices last week.
The increase in crude inventory in the US and the strong US dollar depressed global prices of crude last week, CPC said in a statement.
The oil refiner said market sentiment was soft last week, as traders were expecting a boost to crude oil supplies from Iran following a US-brokered agreement over Theran’s nuclear capabilities. Crude also declined last week as weak manufacturing data in Asia raised fresh worries about demand from the region. [FULL STORY]