Mon, Feb 18, 2013 - Page 13 News List

Oil refiners to raise prices

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday announced that they are raising gasoline prices by NT$0.3 per liter and diesel prices by NT$0.2 per liter, effective today, marking the fourth consecutive weekly increase.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement its average oil costs increased by 0.94 percent last week, as global crude oil prices rose on a decline in US crude oil inventories and improved US jobs data.

Following the adjustments, CPC’s prices of 95-octane unleaded gasoline and 98-octane unleaded gasoline would rise to record levels of NT$36.4 and NT$38.4 per liter respectively, the company’s data showed.

Global oil prices also rose last week after the OPEC crude oil cartel on Tuesday raised this annual forecast for global demand to 89.68 million barrels a day, from the 89.55 million forecast a month ago, Formosa Petrochemical Corp (台塑石化) said in a separate statement.

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