CPC to raise fuel prices

Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced Sunday that it will increase its gasoline and diesel fuel prices by NT$0.6 (US$0.02) and NT$0.7 per liter, respectively, starting at midnight, to reflect an uptick in international crude oil prices.

After the hike, fuel prices at CPC pumps will be NT$22 per liter for super diesel, NT$24.3 per liter for 92 octane unleaded, NT$25.8 for 95 unleaded, and NT$27.8 for 98 unleaded, the company said.

International oil prices rose this week, with production at the United Kingdom's North Sea Buzzard oilfield, which is currently suspended following a supply outage at the oilfield, having yet to restart, according to CPC.

An unexpected missile attack by the United States on Syria also helped send international crude oil prices up amid fears that the attack will deepen geographic uncertainty and disrupt oil supplies from the Middle East, it said.

However, the rise in crude prices was somewhat offset by a spike in the United States' commercial crude inventory and a rebound in Libya's crude output, CPC said.

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$0.6 and NT$0.7 per liter, respectively, starting at 1 a.m. Monday.

After the price increase, fuel prices at Formosa Petrochemical gas stations islandwide will rise to NT$21.7 per liter for super diesel, NT$24.3 for 92 unleaded, NT$25.7 for 95 unleaded and NT$27.8 for 98 unleaded.

Source: Focus Taiwan News Channel