Domestic fuel prices to rise Monday

Gasoline and diesel prices in Taiwan will increase by NT$1.1 (US$0.034) and NT$1.2 per liter, respectively, on Monday, following a rise in international oil prices this past week, CPC Corp., Taiwan (??) announced Sunday.

The move will increase fuel prices to NT$23.8 per liter for 92 octane unleaded, NT$25.3 per liter for 95 octane unleaded, NT$27.3 per liter for 98 octane unleaded and NT$21.4 per liter for super diesel, the state-run oil company said.

CPC Corp. adjusts gasoline prices once a week based on changes in a weighted crude oil price index consisting of 70 percent Dubai crude and 30 percent Brent crude.

CPC Corp. said the index rose this past week by US$4.51 per barrel from the previous week to US$48.93, translating into an 8.13 percent increase in local fuel prices.

International oil prices rose recently after the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers agreed to limit oil supplies and because U.S. crude oil inventories fell for the fifth straight week, CPC Corp. said.

Source: Focus Taiwan News Channel