Formosa Petrochemical announces fuel price cut

The China Post
Date: June 19, 2016

TAIPEI — Formosa Petrochemical Corp., a privately owned gasoline supplier in Taiwan, said Saturday it will lower its gasoline and diesel prices next week to reflect falling international crude oil prices.

Formosa Petrochemical said it will cut gasoline and diesel prices by NT$0.5 (US$0.015) per liter next week after having raised fuel prices NT$0.3 per liter this week. The adjustments will go into effect at 1 a.m. Monday.

The gasoline supplier said the lower crude prices reflected worries over an existing glut that could get worse if the United Kingdom votes to leave the European Union in a referendum on June 23.

A vote to leave the EU is expected to have a negative effect on the global economy, the oil supplier said.     [FULL  STORY]

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