(From China Post)
Both of the two major suppliers of oil products yesterday took the unprecedented action of shaving gas prices twice in the same day, reflecting the softening of international crude oil prices and keener competition on the domestic market.
Formosa Petrochemical Corp. first announced at 10 a.m. a cut in its gasoline and diesel prices of NT$1 per liter, prompting the state-run Chinese Petroleum Corp. (CPC) to shave its prices by NT$0.6 a liter at noon.
However, CPC made an urgent announcement to widen its price cut to NT$0.8 a liter at 3 p.m. The new move triggered another reduction of NT$0.4 for a total decrease of NT$1.4 by Formosa …