State-owned oil refiner CPC Corp, Taiwan (台灣中油) yesterday said that it would increase its fuel prices by NT$1.1 from today, the largest weekly increase this year.
CPC, which calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude, said global crude prices jumped in the past week on the third weekly slide of fuel stockpiles in the US.
The company said that concerns of an oversupply in the oil market have been eased by remarks made last week by Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih, while crude prices also rose on Russia’s reported willingness to work with Saudi Arabia to stabilize the market.
CPC’s smaller rival, Formosa Petrochemical Corp (台塑石化), on Saturday announced wholesale price hikes by the same margins, effective today.
Both companies said actual prices at the pump would be decided by the gas stations themselves, as some of them are run by franchisees or independent chains, such as National Petroleum Corp (全國加油站).
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