Mon, Sep 07, 2015 - Page 13 News List

Fuel prices raised to six-month high

By Lisa Wang  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline and diesel prices by NT$1 and NT$1.2 per liter respectively as global crude oil prices climbed after the US Energy Information Administration cut the nation’s oil production.

Speculation emerged that the OPEC members were mulling a meeting to discuss measures to stabilize crude prices, CPC said in a statement posted on its Web site.

The latest hikes of 7.92 percent in domestic fuel prices by CPC marked the biggest jump in about six months.

Global crude oil prices soared 10.07 percent, or US$4.42, to US$48.29 per barrel last week, compared with US$43.87 in the prior week, according to CPC’s pricing information.

CPC said it factored in the

New Taiwan dollar’s appreciation of NT$0.052 against the US dollar when adjusting domestic fuel prices.

The nation’s only private-run oil refiner, Formosa Petrochemical Corp (台塑石化), yesterday said it would also increase gasoline and diesel prices by NT$1 and NT$1.2 per liter respectively.

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