CPC to reduce low-sulfur fuel oil price

Taiwan’s state-run petroleum refiner, CPC Corp., announced that it will slash the domestic price of low sulfur fuel oil by 37.68%, the largest price reduction in history. The price for low sulfur fuel oil will be lowered by NT$5,802 (US$175) per kiloliter to NT$9,595 (US$290), while the price of low sulfur boiler fuel oil will be cut by NT$5,625 (US$170) per kiloliter to NT$11,092 (US$335), according to a CPC statement. Following these price cuts, domestic fuel oil prices will have fallen back to April 2007 levels, and many will be watching to see if the price reductions will relieve cost pressures on local businesses and trigger drops in the prices of daily commodities. (December 3, 2008)