By: Central News Agency
Taipei, Nov. 14 (CNA) Formosa Petrochemical Corp., 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, effective from 1 a.m. Sunday. Formosa Petrochemical has lowered domestic gasoline and diesel prices by NT$0.6 (US$0.02) per liter in reflection of falling international crude oil prices.
Since February, Formosa Petrochemical, one of the subsidiaries of conglomerate Formosa Plastics Group, has adopted a strategy in which the gasoline supplier tends to cut prices earlier than CPC when fuel prices trend lower, in a bid to grasp a higher market share.
Earlier this week, international crude oil prices came under heavy downward pressure after the International Energy Agency (IEA) published a monthly report that said the global demand for oil in 2016 will slow to 1.2 million barrels per day from 1.8 million barrel per day for this year.
In addition, the IEA said that oil inventories continued to build, although crude oil production has been on the decline, which added more pressure to international crude oil prices. [FULL STORY]