Mon, Aug 06, 2012 - Page 13 News List

Arab tensions hike oil cost

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.3 per liter as global crude price increased 1.82 percent last week due to intensifying tensions in major crude exporters Syria and Iran.

In addition, CPC attributed better job figures in the US and its biggest drop in crude reserves in 7 months to the hikes in global crude prices as it prompted supply concern.

After the price adjustment, the gasoline price will rise to its highest level since May 7, according to CPC’s Web site.

Global crude oil prices climbed US$1.85 to US$103.51 per barrel last week, from US$101.66 in the previous week, based on CPC’s pricing mechanism, which raised crude import costs, the company said.

Formosa Petrochemical Corp (台塑石化), the nation’s only private-run oil refiner, yesterday said it would also hike gasoline and diesel prices by NT$0.3 per liter.

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