CPC to raise fuel prices this week

Taipei, State-run oil refiner and supplier CPC Corp., Taiwan said Sunday it will increase its gasoline and diesel prices by NT$0.2 (US$0.00689) and NT$0.3 per liter, respectively, with effect from midnight.

With those adjustments, prices at CPC gas stations islandwide will rise to NT$24.7 per liter for super diesel, NT$26.8 per liter for 92 octane unleaded, NT$28.3 per liter for 95 unleaded, and NT$30.3 per liter for 98 unleaded.

With the second consecutive weekly raise, CPC’s bump prices have reached a near-two-month high.

CPC makes its domestic fuel price changes in accordance with the fluctuations of international crude oil prices, calculating its weekly prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

The company said Saudi Arabia’s continued push for a reduction of crude production and its plan to offer shares in its state-run oil company by the end of this year are the main drivers of the rising crude prices on the international market.

Based on the latest fluctuations in international crude oil prices, CPC’s average price for crude oil was calculated at US$66.35 per barrel for the previous week, up US$1.33 from a week earlier, according to its website.

On Saturday, Formosa Petrochemical Corp., a private fuel supplier in Taiwan, also said it was raising its prices this week by NT$0.2 per liter for gasoline and NT$0.3 per liter for diesel, effective 1:00 a.m. Monday.

Source: Focus Taiwan News Channel