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Chinese Petroleum announces further cuts to local gas prices

Chinese Petroleum announces further cuts to local gas prices

Chinese Petroleum Corp., Taiwan's state-owned oil refiner, will cut domestic gasoline prices today, leaving diesel prices unchanged to reflect the trading of crude oil.
Domestic wholesale gasoline prices will be reduced by NT$0.10 a liter, the Taipei-based company said in a statement on its Web site.
The change will reduce the retail price of 95-RON gasoline to NT$27.6 a liter at Chinese Petroleum-run stations, the company said. RON, or research octane number, is a measure of fuel quality. Prime-grade diesel retails at NT$23.7 per liter.
Chinese Petroleum has since September 27 linked domestic gasoline and diesel prices to benchmark crude oil trading in New York. It reviews prices weekly, based on oil prices over the previous seven days. The company raised prices twice this month.
Crude oil was little changed last week as Nigerian militants stepped up attacks on Western oil companies and mild U.S. weather curbed heating-fuel consumption. Nigeria is Africa's biggest oil producer.


Updated : 2020-12-01 17:14 GMT+08:00