Mon, Jul 18, 2011 - Page 12 News List

Gas, diesel price set to rise

By Lisa Wang  /  Staff Reporter

State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday said it would hike gasoline and diesel prices by NT$0.3 per liter, about 0.9 percent week-on-week, after a bigger-than-expected reduction in US crude reserves boosted the global crude price.

The global crude oil price rose US$2.87 a barrel to average US$112.56 a barrel last week from US$109.69 a barrel a week earlier based on CPC’s price -mechanism, the firm said in a statement.

That would prompt a price hike of NT$0.6 per liter for gasoline and diesel products, the oil refiner said.

The company said the weak New Taiwan dollar, which depreciated NT$0.088 against the US dollar last week, also drove up its costs.

Rival Formosa Petrochemical Corp (台塑石化) said it would match the price adjustment, considering the competition from CPC and the rising crude oil price.

The new price tariff takes effect today.

This story has been viewed 3524 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top