Fuel prices to go down at least NT$0.3 a liter

The China Post news staff

The China Post news staff–Motorists in no hurry to refuel their oil tanks can wait for until tomorrow as the two major Suppliers of oil products are expected to shave their fuel prices for the second week in a row. CPC Corp., Taiwan, the state-run oil company, is widely seen as set to reduce domestic gasoline and diesel oil prices by at least NT$0.30 per liter, starting on Sunday. Fuel suppliers in the price sector, including Formosa Petrochemical Co. of the Formosa Plastics Group (FPG), are expected to follow the lead of the government enterprise on the same day. Senior executies at CPC said the planned price cuts reflect the decline in international crude oil prices.

Rising demand for crude oil usually forces up prices when entering the winter season. Howvever, the crudie oil prices had taken a downturn for the past week mainly because of grown concern about severe global economic slump caused by weak economic performance in the United States and the persistent debt crises in European nations, they said. The oil price shaving will affect all categories and grades of fuel products including gasoline and diesel products. The exact new fuel prices will be announced later to take effect on tomorrow. The CPC executives continue urging motorists and the general consumers to exercise energy conservation because the crude oil price is projected to remain at high level of US$100 to US$120 per barrel unless the international business conditions suffer severe setbacks.