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CPC announces gas, diesel price hikes

To reflect world crude prices, domestic gasoline and diesel prices will increase by NT$1.9 and NT$2.5 per liter respectively, effective today, CPC Corp, Taiwan (CPC, 台灣中油) announced yesterday.

The state-owned oil refiner adjusts its energy prices every Friday afternoon to be reflected the following day.

CPC assigns its oil prices by using energy information provider Platt’s reports on average petroleum prices from Dubai and Brent with a 70 percent and 30 percent allocation, the oil giant said.

After the adjustment, CPC’s price for a liter of 98-octane unleaded gasoline will be NT$24.4, 95-octane unleaded gasoline will be NT$22.9 and 92-octane unleaded gasoline will be NT$22.2. Diesel will be NT$19.5 per liter.

Rival Formosa Petrochemical Corp (台塑石化), the nation’s only publicly traded oil refiner, yesterday announced it would match CPC’s price hikes, effective today.

In other news, CPC confirmed yesterday that one of its gas stations located at Taipei Songshan Airport has been owned by Formosa Petrochemical since Jan. 1.

CPC had run the station for the past 15 years.

The company failed to renew its contract with the Civil Aeronautics Administration after Formosa Petrochemical agreed to offer much higher fees to the government, the Chinese-language Economic Daily News reported on Wednesday.
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