Mon, Dec 06, 2010 - Page 12 News List

CPC, Formosa pumping up gas prices as oil rises

By Lisa Wang  /  Staff Reporter

GRAPHIC: TT

The state-owned oil refiner CPC Corp, Taiwan (台灣中油) yesterday said it was raising prices of gasoline and diesel products by NT$0.3 per liter and NT$0.4 per liter respectively, effective today, as rising global oil prices increase its costs.

To help stabilize prices for consumers, CPC said the price hikes did not fully reflect the surge in global oil prices, according to a statement released on its Web site.

Global oil prices soared 3.75 percent to US$86.04 per barrel over the past week, from US$82.93, CPC said, citing its own pricing mechanism, which would have resulted in an increase of NT$0.6 per liter for gasoline and NT$0.7 for diesel.

Formosa Petrochemical Corp (台塑石化) also said it would raise prices for gas and diesel by NT$0.3 per liter and NT$0.4, respectively.

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