Mon, Aug 29, 2011 - Page 12 News List

CPC, Formosa raise prices

By Lisa Wang  /  Staff Reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would hike prices for gasoline and diesel by NT$0.1 per liter after global crude oil prices rose on speculation that Hurricane Irene could severely damage crude refining facilities on the US east coast.

The global crude oil price rose by US$1.37 per barrel to US$106.77 from US$105.40 a week ago, which would have boosted local fuel prices by 1.15 percent, or NT$0.3 per liter, CPC said in a statement posted on its Web site.

However, CPC only raised prices by NT$0.1 because the company has been working with the government to stabilize consumer prices, the statement said.

Privately owned Formosa Petrochemical Corp (台塑石化) announced that it would also raise gasoline and diesel prices by NT$0.1 per liter.

The new prices take effect today.

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