CPC to raise fuel prices this week

Taipei, April 15 (CNA) State-owned oil refiner CPC Corp., Taiwan said Sunday it will raise domestic gasoline and diesel prices by NT$0.6 (US$0.021) per liter for the upcoming week starting at midnight following a surge in international crude oil prices last week.

After the adjustment, prices at CPC gas stations nationwide will be NT$25.2 per liter for super diesel, NT$27.3 per liter for 92 octane unleaded, NT$28.8 per liter for 95 unleaded and NT$30.8 per liter for 98 unleaded, the company said.

With the weekly raise, CPC's pump prices will have reached a new high since December 2014.

The adjustment came after global crude oil prices rose last week, pushed up by concerns that rising geopolitical tensions in the Middle East could lead to supply disruptions.

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

Based on the fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$68.41 per barrel last week, an increase of US$2.52 from a week earlier, according to the company's website.

Source: Focus Taiwan News Channel