Domestic fuel prices to rise as int’l crude oil prices hike

The price of liquefied petroleum gas (LPG) for household use (bottled gas) will increase by NT$1.00 (US$0.031) per kilogram starting on Monday, CPC Corp. Taiwan (中油) said on Sunday.

Industrial-grade propane, butane and propane-butane mixture will also increase by NT$1.00 per kg, as the LPG for bi-fuel cars rises NT$0.50 per kg, said the state-owned fuel supplier.

The price of liquefied natural gas (LNG) will go up by 2.99 percent starting on Monday.

As a result, food stands which use 15 bottles of bottled gas per month will pay NT$300 more and household that uses 30 to 45 cubic meters of LNG per month in northern Taiwan will pay an extra NT$7.50 to NT$11.25, CPC said.

CPC Corp. provides bottled gas to local shops which will adjust prices accordingly.

Meanwhile, CPC Corp. on Sunday said it will increase domestic gasoline and diesel prices from Monday.

The state-owned fuel supplier said gasoline and diesel prices will be raised NT$0.4 (US$0.012) per liter, effective at midnight.

The latest price hike means the price of CPC’s benchmark 92 octane unleaded increases to NT$25.30 per liter, with NT$26.8 per liter for 95 unleaded, NT$28.8 per liter for 98 unleaded and NT$23 per liter for super diesel.

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

The formula yielded an average weekly price of US$54.06 per barrel of crude oil this past week, up from US$52.87 the previous week, as the Organization of Petroleum Exporting Countries (OPEC) struck an agreement to cut production on Nov. 30, the first cut agreed by the oil cartel since 2008.

Source: Focus Taiwan News Channel

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