Mon, Nov 01, 2010 - Page 12 News List

CPC, Formosa to increase gas and diesel prices today

By Kevin Chen  /  Staff reporter

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced they would raise domestic gasoline and diesel prices by NT$0.1 per liter today to reflect higher fuel costs.

CPC said in a statement that the hike reflected a 0.45 percent increase in its average crude oil costs of US$80.81 per barrel last week from the previous week, as global crude prices climbed amid a decline in the US dollar.

Crude prices also gained support from investors’ hopes for economic recovery in the US, Formosa said in a separate release.

“The recent US economic data such as rising consumer confidence and a drop in weekly jobless claims have reinforced an upbeat outlook on the US economy, which offer a lift to crude prices,” the privately run refiner said.

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