Taipei--The state-owned CPC Corp., Taiwan (??) announced Sunday that it will increase its diesel and gasoline prices by NT$0.1 (US$0.003) per liter with effect from midnight.
After the hike, fuel prices at CPC gas stations will be NT$22.7 per liter for super diesel, NT$25 per liter for 92 octane unleaded, NT$26.5 per liter for 95 octane unleaded, and NT$28.5 for 98 octane unleaded.
CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude (7D3B). The company's data showed the average price per barrel of 7D3B at US$54.72 last week, representing a rise of US$0.47 from the previous week.
Crude oil prices dropped on the international market in the first few days of last week due to strong optimism about increased shale oil output in the United States and a spike in its commercial crude inventory by 6.466 million barrels for the week of Jan. 27, according to CPC.
The prices then rebounded thanks to an agreement by the member states of the Organization of the Petroleum Exporting Countries to continue to cut production, the CPC said.
Another factor in CPC's pricing is the foreign exchange rate. In the period Jan. 30 to Feb. 3, the Taiwan dollar stood at NT$31.076 against the U.S. dollar, an appreciation of NT$0.3, or 0.08 percent, from the Jan. 23-27 period.
Under CPC's floating pricing mechanism, its diesel and gasoline prices this week will increase by NT$0.1, it said.
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$0.1 per liter, effective 1 a.m. Monday.
With the increase, fuel prices at Formosa Petrochemical gas stations islandwide will be NT$22.4 per liter for super diesel, NT$24.9 per liter for 92 octane unleaded, NT$26.4 per liter for 95 unleaded and NT$28.7 per liter for 98 unleaded.
Neither Formosa Petrochemical nor CPC raised fuel prices for last week despite higher crude oil prices, as they did not wish to impose a price hike on consumers during the six-day Lunar New Year holiday that ended Feb. 1.
Source: Focus Taiwan News Channel