Domestic gasoline and diesel prices will drop today by NT$0.6 and NT$0.7 per liter respectively to reflect the recent decline in international crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Formosa Petrochemical is the nation’s only publicly traded oil refiner.
CPC’s price for a liter of 98-octane unleaded gasoline drops to NT$31.7, while 95-octane unleaded gasoline drops to NT$30.2, 92-octane unleaded gasoline to NT$29.5 and diesel to NT$27.
State-owned oil refiner CPC yesterday sold NT$18.4 billion (US$572.7 million) in bonds to help cover losses stemming from government fuel price controls.
The former Democratic Progressive Party (DPP) government had ordered CPC not to raise its fuel prices on concern higher energy costs would stoke inflation. The Chinese Nationalist Party (KMT) government relaxed the price control policy after taking office in May.
The company sold NT$7.7 billion in five-year notes, NT$5.9 billion in seven-year securities and NT$4.8 billion in 10-year debt, CPC said in a statement on its Web site.
The company is raising funds by selling bonds for the first time since 2006 as it expects to post a loss of NT$80 billion this year, vice president Chu Shao-hua (朱少華) said on Sept. 25.
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