Mon, Oct 24, 2011 - Page 12 News List

Gas, diesel prices to rise

By kevin Chen  /  Staff Reporter

The nation’s two oil refiners yesterday said they would raise domestic gasoline and diesel prices for a second straight week this week, as global crude oil prices rose last week on encouraging economic news from both Europe and the US.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs dropped by US$1.96 per barrel to US$107.97 last week from the previous week.

The New Taiwan dollar rose NT$0.15 against the US dollar last week, which also lowered CPC’s costs and partially offset the rise in crude prices. The firm decided to increase fuel prices by NT$0.1 per liter based on its pricing mechanism, a CPC statement said.

Privately owned Formosa Petrochemical Corp (台塑石化) said yesterday it would also raise gasoline and diesel prices by NT$0.1 per liter, citing better-than-expected recent economic data in the US and fierce competition with CPC at home.

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