Fuel prices in Taiwan are expected to increase next week after a decline in U.S. crude inventories and a rise in fuel demand in India pushed up international oil prices.
State-owned CPC Corp. Taiwan (??) is likely to raise gasoline and diesel prices by NT$0.90 (US$0.03) and NT$1 per liter, respectively, effective midnight Jan. 3, based on the company’s fuel price calculation formula.
After the increase, prices at CPC gas stations are forecast to be NT$28.40 per liter for 92 octane unleaded, NT$29.90 per liter for 95 unleaded, NT$31.90 per liter for 98 unleaded, and NT$26.50 per liter for super diesel.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude rose US$4.39 over the past week from US$72.56 per barrel to US$76.95 per barrel.
Source: Focus Taiwan News Channel