Mon, Dec 29, 2014 - Page 13 News List

CPC, Formosa to cut fuel prices by NT$0.1 per liter

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (中油) yesterday said it would raise gasoline and diesel prices by NT$0.1 per liter from today, or an average of 0.83 percent, as global crude oil prices rebounded slightly amid an increase in US crude oil reserves.

It represents the first price hikes made by CPC in about three months.

Global crude oil prices edged up by 0.052 percent to US$57.72 per barrel last week, compared with US$57.75 the previous week, according to pricing information posted on CPC’s Web site.

CPC attributed the price increase in the US crude reserves to a rebound in global crude prices.

After factoring in the New Taiwan dollar’s depreciation of NT$0.344 against the US dollar, which increased CPC’s import costs, domestic fuel prices should go up by 0.83 percent this week, CPC said.

The nation’s only private-run oil refiner, Formosa Petrochemical Corp (台塑石化), yesterday said it would also raise gasoline and diesel prices by NT$0.1 per liter.

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