Mon, Sep 17, 2012 - Page 13 News List

Gas prices hit record high

By Kevin Chen  /  Staff reporter

The nation’s two refiners yesterday said they would raise gasoline prices by NT$0.1 per liter and diesel by NT$0.2 per liter, lifting them to record-high levels. The new rates take effect today.

CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average oil costs rose by 0.45 percent last week, as global crude oil prices were buoyed by the US Federal Reserve’s announcement that it would launch a new round of bond-buying, as well as the unrest in the Middle East and North Africa.

The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices rose by US$1.53 per barrel to US$114.31 last week, it said.

World oil prices also jumped after Germany’s constitutional court allowed a European bailout fund to go ahead, easing market worries about the eurozone’s debt crisis, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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