Mon, Apr 29, 2013 - Page 13 News List

CPC, Formosa hike prices

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.3 per liter this week, effective today.

CPC Corp, Taiwan (CPC, 台灣中油), whose weighted oil price formula showed prices rose US$1.75 per barrel to US$99.8 over the week, said sentiment in the global oil market turned positive last week amid speculation about production cuts by OPEC and interest rate cuts by the European Central Bank.

Oil prices also rose after the G20 expressed no objection to Japan’s monetary easing policy, raising expectations of increased oil demand from the world’s third-largest economy, CPC said in a statement.

Formosa Petrochemical Corp (台塑石化) said in a separate statement that it would match CPC’s price hikes because the oil market is expected to move up in view of the lower-than-expected US oil inventories last week and the better-than-expected economic growth in the UK in the first quarter.

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