Formosa Petrochemical to cut fuel prices next week

Focus Taiwan
Date: 2016/09/03
By: Pan Chi-I and Frances Huang

Taipei, Sept. 3 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel supplier, said Saturday that it will cut its gasoline and diesel prices by NT$0.5 (US$0.016) per liter next week, in reflection of a fall in international crude oil prices.

The price cut, which will become effective from 1 a.m. Monday, stopped a three-week increase for the company’s fuel prices. This week, it hiked gasoline and diesel prices by NT$0.10 per liter.

Weakness in global oil prices resulted from renewed concerns over a supply glut after a report released by the U.S. Energy Information Administration (EIA) on Wednesday pointed to higher-than- expected oil inventories in the U.S. market, Formosa Petrochemical said.

According to the EIA report, U.S. crude stockpiles grew by 2.3 million barrels last week, increasing for the second consecutive week and beating the market’s expectations of an increase of 921,000 barrels.     [FULL  STORY]