Mon, Jan 28, 2013 - Page 13 News List

Refiners raise gas prices

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.30 per liter this week, effective today, to reflect rising global crude oil prices.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average oil costs increased by 1.31 percent last week, after global crude oil prices moved higher on Japan’s monetary easing, the US’s temporary measure to extend its debt limit and upbeat Chinese economic data.

The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices rose US$1.56 per barrel to US$109.85 in the week, CPC said.

Global oil prices also rose last week after US jobless figures came in below expectations, while purchasing managers data in the US, Europe and China showed manufacturing expanding, privately owned Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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