GLOBAL COLLAPSE:Crude prices dived to US$27.19 per barrel last week on the back of an increase in the US’ crude inventory, China’s stock market rout and a strong US dollar

Taipei Times
Date: Jan 18, 2016
By: Lisa Wang / Staff Reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said that it would cut gasoline and diesel prices by NT$1.1 per liter after global crude oil prices plunged below US$30 per barrel amid concerns over persistent oversupply and low demand.

An increase in US crude inventory, China’s stock market rout and a strong US dollar against the world’s major currencies led to a collapse of global crude oil prices last week, CPC said in a statement.

“CPC decided to lower gasoline prices due to a recent plunge in global crude oil prices. After the adjustment, the prices of 92-octane unleaded gasoline and 95-octane unleaded gasoline have dropped to less than NT$20 per liter, making gasoline cheaper than bottled mineral water,” the refiner said.

Global crude prices dived 13.19 percent to US$27.19 per barrel last week, compared with US$31.32 in the previous week, according to CPC’s pricing information.     [FULL  STORY]