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]