Mon, Jan 17, 2011 - Page 12 News List

Gas prices rise by NT$0.1

By Lisa Wang  /  Staff Reporter

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it is pumping up prices of gasoline and diesel products by NT$0.1 per liter to reflect rising costs following persistent increases in global oil prices.

Gasoline prices hit the highest level since September of 2008, according to statistics posted on CPC’s Web site. CPC said demand grew because of the cold winter and falling US oil reserves have driven global crude oil prices to nearly US$100 per barrel for Brent crude.

That led to a price hike of 0.48 percent on local gasoline prices, but CPC needed to absorb extra costs of NT$0.3 per liter, CPC said in a statement.

Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, also said it would raise prices for gasoline and diesel by NT$0.1 per liter to match rising global crude oil prices.

The new prices will take effect today.

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