Mon, Oct 11, 2010 - Page 12 News List

Formosa Petrochemical, CPC announce price hikes

By Kevin Chen  /  Staff reporter

Both CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced they were raising domestic gasoline and diesel oil prices by NT$0.7 per liter on the back of a weak US dollar, effective today.

CPC said the price hike reflected a 3.47 percent increase in its average crude oil costs of US$81.6 per barrel last week from the previous week.

“Global crude oil prices surged last week because of the declining US dollar and the expectation of rising winter demand, pushing the prices of West Texas Intermediate crude oil to close at a five-month high of US$82.66 per barrel on Friday,” CPC said in a statement.

Crude oil prices were also boosted by factors such as the increased crude oil inventory and better jobless claims data in the US, Formosa said.

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