Formosa Petrochemical to cut fuel prices next week

Focus Taiwan
Date: 2016/09/17
By: Wei Shu and Romulo Huang

Taipei, Sept. 17 (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$0.2 (US$0.006) per liter next week, in reflection of a fall in international crude oil prices.

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

With the price cut, which will become effective from 1 a.m. Monday, the company will again drop its price for super diesel below the NT$20 per liter mark.

After the adjustment, fuel prices at Formosa Petrochemical gas stations nationwide will fall to NT$19.9 per liter for super diesel, NT$22.6 per liter for 92 octane unleaded, NT$24.1 per liter for 95 unleaded and NT$26.4 per liter for 98 unleaded.     [FULL  STORY]