Fuel Prices Decrease for Fifth Straight Week; Down NT$0.1

Domestic fuel prices dropped for the fifth consecutive week today as the two oil refiners in Taiwan announced the same price reduction of NT$0.1 for both gasoline and diesel for the current week.

Executives from CPC Corp., Taiwan said that since Feb. 24 the state-owned energy company has lowered fuel prices by a total of NT$1.6 per liter.

CPC Taiwan shaved its 92-grade unleaded gasoline to NT$33.3 a liter for this week.

The retail price for the company's 95-grade gasoline will be NT$34.8 per liter, NT$36.8 a liter for 98-grade gasoline and NT$32.2 per liter for super diesel.

Formosa Petrochemical Corp., the main competitor of CPC in Taiwan, announced that all Taiwan gas stations selling its fuel products will lower price tags by NT$0.1 per liter.

Executives at both groups said they decided to further clip fuel prices because of softening international crude oil prices.

They said weakening global crude prices were caused largely by growing concern over further European debt woes due to the Cyprus crisis, weakening economic data in the European Union, sagging energy demand, and the U.S.' plan to maintain credit-easing policy.