Mon, Aug 13, 2012 - Page 13 News List

Market sentiment drives oil up: CPC

By Kevin Chen  /  Staff reporter

The nation’s two refiners yesterday said they would up gasoline prices by NT$0.8 per liter and diesel prices by NT$0.9 a liter this week, after lowering prices for both by NT$0.1 per liter each the previous week. The new rates take effect today.

Based on CPC Corp, Taiwan’s (CPC, 台灣中油) pricing mechanism, its average oil costs rose by US$4.72 per barrel to US$108.023 per barrel last week from the previous week, the company’s statement showed.

CPC said the latest price adjustment reflected a positive market sentiment supported by improved US jobs data, a decline in US crude oil inventories and an expectation that OPEC may cut output on lower oil demand next year amid a slowing global economy.

Prices also rose because of market uncertainty about the Middle East and a supply disruption at Chevron Corp’s refinery in Richmond, California, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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