CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.6 per liter today, to reflect the increases in prices of international crude oil products last week.
Global crude oil prices rose last week after demonstrations in Libya stopped crude flows from its eastern oil port of Zueitina, the state-run oil refiner said in a statement.
A declining number of active oil rigs and falling oil inventory in the US also boosted international oil prices, CPC said.
Based on CPC’s floating pricing mechanism — which is a composite made up of 70 percent of the Dubai crude price and 30 percent of the Brent crude benchmark, the refiner said its oil costs increased to US$65.2 per barrel last week, up 4.03 percent from US$62.67 per barrel the previous week.
After factoring in the New Taiwan dollar’s appreciation of NT$0.009 against the US dollar in the week, CPC said domestic oil prices should rise 3.21 percent this week from last week.
Formosa Petrochemical Corp (台塑石化), the nation’s sole private oil refiner, said it would also raise gasoline and diesel prices by NT$0.6 per liter for the same reason, but not until tomorrow.
After the adjustments, Formosa’s 98-octane unleaded gasoline would be NT$30 per liter, which is NT$0.2 more expensive than CPC’s equivalent product this week.
Formosa’s other products are cheaper than CPC’s, company data showed.
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