Mon, Aug 27, 2012 - Page 13 News List

Oil nears four-year high

By Kevin Chen  /  Staff reporter

The nation’s two refiners yesterday said they would hike gasoline prices by NT$0.30 per liter and diesel prices by NT$0.40 a liter this week, lifting most of their oil items to nearly four-year high. The new rates take effect today.

CPC Corp, Taiwan (CPC, 台灣中油) said its average oil costs rose by 1.21 percent last week from the previous week, as the company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices rose US$1.71 per barrel to US$113.10.

CPC said the rising price of crude was due to a decline in US oil inventories and expectations that the US Federal Reserve could launch a new round of bond buying to help prop up the economy.

World oil prices also jumped last week on continued market worries about the tensions in the Middle East, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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