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TAIPEI, June 3 Asia Pulse - Less than two hours after the Formosa Petroleum Corp. announced a price cut Friday for gasoline, diesel and bunker oil from June 1, a spokesman for the Chinese Petroleum Corp. said that the state-owned enterprise would follow suit.
However, Formosa's price-cut is in fact a reaction to a CPC cash and prize sales promotion on occasion of the company's 56th anniversary.
That afternoon, while CPC executives were announcing the ...