Mon, Sep 10, 2012 - Page 13 News List

Fuel prices rise NT$0.20

By Kevin Chen  /  Staff reporter

The nation’s two refiners yesterday said they would hike gasoline and diesel prices by NT$0.20 per liter this week, effective today.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average oil costs rose by 0.89 percent last week, after global crude oil prices climbed on a stronger-than-expected 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 US economy.

The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices rose US$1.57 per barrel to US$112.78 in the week, it said.

World oil prices also jumped last week after the European Central Bank announced a massive bond-buying plan, easing market worries about the European debt problems, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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