Mon, Jun 15, 2015 - Page 13 News List

Fuel prices set to rise this week

By Lauly Li  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.2 and NT$0.3 per liter respectively today to reflect the rising global crude oil prices in the past week.

This is the second consecutive week that CPC has increased domestic prices for gasoline and diesel.

International oil prices continued to increase over the past week, driven by a US announcement that it plans to cut shale oil output next month and the declining number of active oil rigs in the US, CPC said in a statement.

Based on CPC’s weighed oil pricing mechanism — which is a composite made up of 70 percent Dubai crude and 30 percent Brent crude benchmark — oil prices rose to US$62.67 per barrel last week, up 1.14 percent from the previous week’s US$61.96 per barrel.

After factoring in the New Taiwan dollar’s depreciation of NT$0.234 against the US dollar, CPC said it would raise gasoline and diesel prices by 1.53 percent to reflect the rising expenses.

With the adjustments, CPC’s wholesale price for 92-octane unleaded gasoline rises to NT$25.9 per liter, while that of 95-octane unleaded gasoline is to be NT$27.4 per liter and 98-octane unleaded inches up to NT$29.4 per liter.

The price of premium diesel is to be NT$24.1 per liter, CPC said.

Formosa Petrochemical Corp (台塑石化), Taiwan’s only privately run oil refiner, yesterday said it would increase gasoline and diesel prices by NT$0.2 and NT$0.3 per liter respectively, effective today.

Under Formosa Petrochemical’s price adjustments, its 98-octane unleaded gasoline would be NT$29.6 per liter, which is NT$0.2 more expensive than CPC’s equivalent product this week.

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