Mon, May 13, 2013 - Page 13 News List

Oil refiners to 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 that global oil prices rose US$1.68 per barrel to US$102.16 last week, said the energy sector has been boosted by positive economic data, including a better-than-expected US jobs report on Friday and strong outbound trade growth in China last month.

Oil prices also climbed after Israel attacked Syria last week, raising fresh concerns about rising tensions in the Middle East, state-run CPC said in a statement.

Privately held Formosa Petrochemical Corp (台塑石化) said in a separate statement that it would match CPC’s price hikes, given the movement in global oil prices, the New Taiwan dollar’s slight appreciation last week and its competition with CPC in the domestic market.

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