CPC announces fuel price hike for coming week

Taipei--State-owned CPC Corp. Taiwan (??) announced Sunday that it will raise its diesel and gasoline prices by NT$0.1 (US$0.003) per liter after international crude oil prices rose slightly last week.

After the hike, which takes effect Sunday at midnight, fuel prices at CPC gas stations will be NT$22.6 per liter for super diesel, NT$24.9 per liter for 92 octane unleaded, NT$26.4 per liter for 95 octane unleaded, and NT$28.4 for 98 octane unleaded.

International crude oil prices moved higher this past week on renewed optimism that a deal between the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers to cut output by 1.8 million barrels a day is taking hold.

That optimism was slightly counterbalanced by concerns over higher U.S. crude production, according to CPC.

CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude, and the average price per barrel last week was US$54.95, up US$0.62 from the previous week.

Because of that increase, CPC Corp. said its diesel and gasoline prices this week will increase by NT$0.1 per liter, after two weeks when prices fell.

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 latest adjustments, fuel prices at Formosa Petrochemical gas stations islandwide will rise to NT$22.3 per liter for super diesel, NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded and NT$28.6 per liter for 98 unleaded.

Source: Focus Taiwan News Channel