Mon, Jan 10, 2011 - Page 12 News List

CPC, Formosa raise prices

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$0.10 per liter today to reflect higher fuel costs.

State-run CPC said in a statement that the hike reflected a 0.43 percent increase in its average crude oil costs to US$92.08 per barrel last week from the previous week, as demand for global crude climbed amid a cold winter in Europe.

Crude prices also gained support from investors’ hopes for higher demand given indications of an economic recovery in the US, Formosa said in a separate release.

“Recent US economic data, such as lower crude inventories and a positive job [employment] report, have reinforced an upbeat outlook for the US economy, which offer a lift to crude prices,” the privately run refiner said.

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