FUELING DEVELOPMENTS:The New Taiwan dollar’s appreciation against the US greenback helped diminish some crude import costs, refiner CPC Corp, Taiwan, said
Date: May 25, 2015
By: Lisa Wang / Staff reporter
State-run oil refiner CPC Corp, Taiwan (CPC, 中油), yesterday announced that it would lower gasoline and diesel prices by NT$0.2 per liter as global crude oil prices fell on concern that the US could resume shale rig operations as prices rebounded, adding pressure to the global crude supply.
That marks the second week of price cuts made by CPC in line with global crude price movements.
“There is concern about an oversupply in crude oil, as shale rig operators may restart drilling after crude prices bounced back,” CPC said in a statement posted on its Web site.
Global crude oil prices slid by 1.46 percent, or US$0.94, to US$63.54 per barrel last week, compared with US$64.48 in the prior week, according to CPC’s pricing information. [FULL STORY]