Mon, Apr 17, 2017 - Page 16 News List

CPC hikes diesel, gasoline prices on supply constraints

Staff writer

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices for a third week as Libya’s biggest oil field, Sharara, remained closed and geopolitical tensions in Syria increased.

Global crude oil prices were also buoyed by optimism that major oil producers led by Saudi Arabia might extend their output cuts for another six months, CPC said in a statement.

CPC said it would hike gasoline and diesel prices by NT$0.4 per liter from today.

CPC said its average crude oil costs last week rose US$1.71 per barrel from the previous week to US$54.43 per barrel.

Taking into account the New Taiwan dollar’s appreciation of NT$0.003 against the US dollar, CPC said it would increase wholesale prices for diesel and gasoline products by 2.6 percent.

CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, announced similar price hikes.

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