Stronger New Taiwan dollar offsets an increase in global crude oil prices

Taipei Times
Date: Mar 21, 2016
By: Lisa Wang / Staff reporter

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would cut p13-160321-gas111gasoline prices by NT$0.1 per liter as a strong local currency offset an increase in world crude oil prices.

Meanwhile, diesel prices would remain flat, CPC said in a statement released yesterday.

International crude oil prices rebounded 0.36 percent, or US$0.13, to NT$36.67 per barrel, from US$36.54 a week earlier based on CPC’s pricing mechanism. International crude prices regained strength last week after Iran boosted daily output to 4 million barrels, rejecting an OPEC accord to freeze oil output to ease a global glut, the company said.

OPEC is schedule to meet next month to approve the output freezing consensus, a statement said.     [FULL  STORY]

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