Mon, Dec 13, 2010 - Page 12 News List

CPC, Formosa will raise prices for gasoline, diesel

By Kevin Chen  /  Staff reporter

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would raise gasoline and diesel prices by NT$0.4 per liter, effective today, after global crude prices rose on a pick-up in advanced economies and cold winter in both Europe and the US.

CPC said in a statement the price change reflected a 3.65 -percent rise in its average crude costs of US$89.18 per barrel last week from the previous week.

“Global crude prices have been hovering around US$88 to US$90 a barrel recently due to global manufacturing recovery, unusually low temperatures in Europe and the US, as well as market expectations of higher oil demand,” CPC said.

Prices also climbed higher because of a weakening US dollar.

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