Mon, Oct 17, 2016 - Page 16 News List

CPC, Formosa to increase gasoline and diesel prices

By Kuo Chia-erh  /  Staff reporter

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would increase gasoline and diesel prices by NT$0.2 and NT$0.3 per liter respectively, as global crude oil prices rose following Russia’s announcement that it would join OPEC in freezing oil production.

Russian President Vladimir Putin said the country would follow OPEC’s measures to limit oil supply, which lifted global crude oil prices, CPC said in a statement on its Web site.

Global crude oil prices last week rose 1.7 percent to US$49.78 per barrel, compared with US$48.93 in the previous week, according to CPC’s pricing information.

After factoring in a depreciation of the New Taiwan dollar against the US dollar, domestic fuel prices should increase 2.12 percent this week.

On Saturday, Formosa Petrochemical Corp (台塑石化), the nation’s sole private oil refiner, said it would increase gasoline and diesel prices by NT$0.2 and NT$0.3 per liter respectively.

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