Formosa Petrochemical announces fuel price cut for next week

Focus Taiwan
Date: 2017/04/22
By: Wei Shu and Frances Huang

Taipei, April 22 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel

(CNA file photo)

supplier, said on Saturday it will lower its domestic gasoline and diesel prices next week after crude oil prices in the U.S. market fell below US$50 per barrel overnight.

Crude oil prices faced downward pressure this week amid rising concerns over a global glut, offsetting optimism that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers could extend a deal to cut output for another six months, analysts said.

For the week, Brent futures, the global benchmark, fell 2 percent in London, while U.S. crude futures ended down 2.2 percent.    [FULL  STORY]

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