Mon, Feb 27, 2017 - Page 16 News List

CPC, Taiwan and Formosa raising fuel prices at pump

Staff writer, with CNA

State-owned CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would raise its diesel and gasoline prices by NT$0.1 per liter today, after international crude oil prices rose slightly last week.

International prices moved higher last week on renewed optimism that a deal between OPEC and some non-OPEC producers to reduce output by 1.8 million barrels a day is taking hold, CPC said in a statement.

That optimism was slightly counterbalanced by concerns over higher US crude production, it said.

Based on its floating oil price formula, CPC calculated the average crude oil price per barrel at US$54.95 last week, up US$0.62 from the previous week.

As the New Taiwan dollar appreciated NT$0.092 last week against the US dollar, CPC said it would increase fuel prices by 0.67 percent.

Prices at CPC pumps would be NT$22.6 per liter for super diesel, NT$24.9 per liter for 92-octane unleaded, NT$26.4 per liter for 95-octane unleaded and NT$28.4 for 98-octane unleaded, it said.

Privately owned Formosa Petrochemical Corp (台塑石化) on Saturday made a similar announcement, with prices at its stations to increase to NT$22.3 per liter for super diesel, NT$24.8 per liter for 92-octane unleaded, NT$26.3 per liter for 95-octane unleaded and NT$28.6 per liter for 98-octane unleaded.

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