Mon, Mar 30, 2015 - Page 13 News List

CPC, Formosa announce price increases

By Crystal Hsu  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.5 per liter today to reflect an increase in international global crude oil prices last week.

Oil prices rose last week after Saudi Arabia and its allies launched air strikes on Yemen that targeted Iran-backed Houthi rebels.

Crude oil prices gained US$2.51 to US$54.41 per barrel last week, CPC said, adding that the latest gasoline costs also factored in the appreciation of the New Taiwan dollar against the US dollar.

Formosa Petrochemical Corp (台塑石化), the nation’s only private oil refiner, yesterday said it would also increase prices of its gasoline and diesel products by NT$0.5 per liter, effective today.

The conflict in Yemen raised concerns over potential oil supply disruptions and drove up crude prices, Formosa said in a statement.

Yemen’s location on the Bab el-Mandeb strait means that the fighting is taking place near one of the largest “choke points” for oil tankers in the world.

There has so far been no disruption to the flow of oil as a result of the military action in Yemen, but the concern of such a possibility was enough to send shudders through the market, media reports said.

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