CPC to raise fuel prices Monday

Taipei--State-owned oil refiner CPC Corp., Taiwan (??) announced on Sunday that it will increase gasoline and diesel fuel prices by NT$0.4 (US$0.013) per liter, starting at midnight, to reflect an uptick in international crude oil prices.

After the adjustment, fuel prices at CPC gas stations will increase to NT$22.4 per litter for super diesel, NT$24.7 per liter for 92 octane unleaded, NT$26.2 per liter for 95 unleaded and NT$28.2 per liter for 98 unleaded, said the company.

It is the third consecutive weekly rise following the disruption of operations at the El Sharara oilfield in Libya, one of the more productive OPEC members states, tensions in Syria and the possible extension of output cuts for oil-production countries, said the CPC.

Optimism over the possible extension of a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut output for another six months boosted crude oil prices, said market analysts.

Such an upbeat mood took hold after Saudi Arabia, the largest producer in OPEC, voiced support for the extension, they said.

Due to a spike in international crude oil prices, CPC has calculated the average price of crude oil at US$54.43 per barrel as of April 16, up from NT$52.72 per barrel a week earlier, according to its website.

Source: Focus Taiwan News Channel