Mon, Dec 09, 2013 - Page 13 News List

Oil prices kept unchanged

By Kevin Chen  /  Staff reporter

The nation’s two oil refiners yesterday said they would leave prices for their gasoline products unchanged this week from last week, but raise their diesel products by NT$0.1 per liter, effective today.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs rose US$0.22 per barrel to US$109.46 last week from the previous week.

With the New Taiwan dollar falling NT$0.005 against the US dollar last week, domestic gasoline prices rose just 0.17 percent in accordance with CPC’s floating price mechanism, which was too little to trigger gasoline price hikes, but enough for the firm to increase diesel prices by NT$0.1 per liter.

Formosa Petrochemical Corp (台塑石化) announced that it would follow suit and not raise gasoline prices this week, citing the short-term outlook for global crude oil prices and fierce competition with CPC.

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