CPC to raise fuel prices by NT$0.1 per liter

Taipei, State-owned oil refiner CPC Corp. Taiwan said Sunday that it will raise its domestic gasoline and diesel prices by NT$0.1 (US$0.003) per liter this week to reflect higher global crude oil prices.

The decision followed a hike of NT$0.4 per liter in the company's fuel prices last week.

After the latest price adjustments, prices at CPC gas stations nationwide will rise to NT$24.1 per liter for super diesel, NT$26.3 per liter for 92 octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.8 per liter for 98 unleaded, effective from midnight Sunday, the company said.

The increase reflected higher oil prices last week, as Saudi Arabia decided to keep its oil exports below 7 million barrels per day in line with a production agreement in the Organization of the Petroleum Exporting Countries (OPEC), according to CPC.

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

Based on the slight fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$63.52 per barrel last week, an increase of US$0.63 from a week earlier, according to its website.

Source: Focus Taiwan News Channel