CPC to raise fuel prices

Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced on Sunday that it will increase gasoline and diesel fuel prices by NT$0.3 (US$0.01) per liter, starting at midnight, after international crude oil prices bounced back last week.

After the price hike, fuel prices at CPC gas stations will increase to NT$20.3 per liter for super diesel, NT$22.8 per liter for 92 octane unleaded, NT$24.3 per liter for 95 unleaded and NT$26.3 per liter for 98 unleaded, the company said.

This is the first hike in five weeks, as reduced fears of an oil glut sent international crude oil prices higher last week.

The company said it decided to raise prices of its diesel fuel and gasoline this week after taking into account international crude price fluctuations and currency exchange rates.

CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude.

The average price of a barrel of oil based on the weighted formula rose US$1.25 from the previous week to US$45.96, company data shows.

But the Taiwan dollar rose NT$0.031 against the U.S. dollar last week, somewhat offsetting the rise in crude prices in Taiwan dollar terms.

A day earlier, Formosa Petrochemical Corp. (????), a privately owned fuel supplier and CPC's main competitor, announced a similar move, saying that its gasoline and diesel prices will rise by NT$0.3 per liter starting at 1 a.m. Monday.

After the adjustment, fuel prices at Formosa Petrochemical gas stations islandwide will be NT$20.0 per liter for super diesel, NT$22.8 per liter for 92 octane unleaded, NT$24.2 per liter for 95 unleaded and NT$26.3 per liter for 98 unleaded, the company said.

Source: Focus Taiwan News Channel