Fuel prices to increase by NT$0.2 per liter at CPC pumps

Taipei-State-run oil refiner CPC Corp., Taiwan will increase domestic gasoline and diesel prices by NT$0.2 (US$0.0066) per liter for next week, after international crude oil prices moved higher due to the closure of the largest Libyan oil field and a hurricane in the oil-producing U.S. state of Texas.

After the price adjustment, which will take effect at midnight Sunday, prices at CPC gas stations around Taiwan will rise to NT$21.4 per liter for super diesel, NT$23.8 per liter for 92 octane unleaded, NT$25.3 per liter for 95 unleaded and NT$27.3 per liter for 98 unleaded.

CPC Vice President Ann S.C. Bih (???) attributed the price hike to the rise in international crude oil prices after Libya's largest oil field Sharara was closed. In addition, the crude oil inventory in the United States has also fallen, she said.

Envisioning supply next week, Bih continued, the impact of Hurricane Harvey, which made landfall in Texas on Friday night, remains unknown, therefore international crude oil prices could still rise.

CPC calculated the average price of crude oil at US$50.82 per barrel this week, up from NT$49.73 per barrel a week earlier, according to its website.

The state-owned company tallies its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Source: Focus Taiwan News Channel