Mon, Nov 19, 2012 - Page 13 News List

Oil refiners to raise prices

By Lisa Wang  /  Staff reporter

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it is scheduled to raise gasoline and diesel prices by NT$0.2 per liter, about 0.56 percent, as a rise in global crude oil prices reduced its costs, ending three straight weeks of price cuts.

TENSION

Escalating geopolitical tension in the oil-rich Middle East region brought global crude oil prices up 1.18 percent to US$107.35 per barrel last week, compared with US$106.1 per barrel in the previous week, CPC said in a company statement posted on its Web site.

CPC said the New Taiwan Dollar’s NT$0.074 appreciation last week versus the US dollar has helped it reduce its fuel price increase from the original 0.74 percent.

Local rival Formosa Petrochemical Corp (台塑石化) yesterday said it would follow suit by raising gasoline and diesel prices by NT$0.2 per liter.

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