Formosa cuts fuel prices ahead of CPC for 2nd consecutive week

Focus Taiwan
Date: 2015/11/21
By: Wei Shu and Frances Huang

Taipei, Nov. 21 (CNA) Formosa Petrochemical Corp. (台塑化), a private gasoline supplier in Taiwan, said Saturday that it has decided to lower domestic fuel prices ahead of rival state-owned CPC Corp., Taiwan, (中油), effective from 1 a.m. Sunday.

It was the second consecutive week for Formosa Petrochemical to trim its fuel prices before CPC. In the latest announcement, Formosa Chemical has decided to lower gasoline prices by NT$0.7 (US$0.02) per liter and cut diesel prices by NT$0.8 per liter to a seven-year low because of the continued weakness of the international oil market.

Since February, Formosa Petrochemical, one of the subsidiaries of conglomerate Formosa Plastics Group (台塑集團), has adopted a strategy in which the gasoline supplier tends to cut prices a day earlier than CPC when fuel prices trend lower in a bid to grab higher market share.     [FULL  STORY]

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