State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it will raise gasoline and diesel prices by NT$0.2 per liter from today, after international crude oil prices rose due to the closure of Libya’s largest oil field and a hurricane hitting the oil-producing US state of Texas.
CPC vice president Ann S.C. Bih (畢淑蒨) attributed the price hike to international crude oil prices that soared after Libya’s El Sharara oil field closed down last week.
The crude oil inventory in the US has also fallen, she said.
The effects of Hurricane Harvey, which made landfall in Texas on Friday night, remains unknown, therefore international crude oil prices could still rise this week, Bih said.
CPC calculated the average price of crude oil at US$50.82 per barrel last week, up from US$49.73 per barrel the previous week, according to its Web site.
The state-owned company calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Privately owned refiner Formosa Petrochemical Corp (台塑石化) on Saturday announced a similar price hike for its gasoline and diesel products.
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