CPC to raise fuel prices this week

Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced Sunday that it will increase its diesel and gasoline prices by NT$0.1 (US$0.003) per liter starting at midnight to reflect an uptick in international crude oil prices.

After the hike, fuel prices at CPC pumps will be NT$21.3 per liter for super diesel, NT$23.7 per liter for 92 octane unleaded, NT$25.2 per liter for 95 octane unleaded, and NT$27.2 for 98 octane unleaded, the company said.

International oil prices rose this past week due to a severe disruption to Libyan oil supplies and optimism that the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers could extend a deal to cut output to the end of the year, CPC said.

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

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$0.63 from the previous week to US$50.33, the company's data showed.

But the Taiwan dollar rose NT$0.222 against the U.S. dollar last week, somewhat offsetting the rise in crude prices in Taiwan dollar terms.

The result was that CPC increased its diesel and gasoline prices this week by 0.42 percent, or NT$0.1 per liter.

On Saturday, 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 starting at 1 a.m. Monday.

After the price hike, fuel prices at Formosa Petrochemical gas stations islandwide will be NT$21.0 per liter for super diesel, NT$23.7 per liter for 92 octane unleaded, NT$25.1 per liter for 95 unleaded and NT$27.2 per liter for 98 unleaded.

Source: Focus Taiwan News Channel