Mon, Sep 11, 2017 - Page 16 News List

CPC’s gasoline and diesel prices going up slightly today

Staff writer

CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline prices by NT$0.4 per liter and diesel prices by NT$0.5 per liter to reflect an increase in global crude oil prices last week.

The adjustments are to take effect today, the state-owned oil refiner said in a statement.

CPC said its average crude oil costs last week rose US$1.93 per barrel from the previous week to US$52.6 because of the resumed operations of several US refineries along the Gulf Coast have resulted in an increase in demand of feedstock for the petroleum industry.

Crude prices also rose last week after Saudi Arabia raised prices for shipments to Asia, the company said.

Taking into account the New Taiwan dollar’s appreciation of NT$0.106 against the US dollar in the week, CPC said its weighted oil price formula showed a 2.76 percent increase over the week, which translates into a raise of NT$0.4 per liter in the wholesale prices of its gasoline products and a hike of NT$0.5 per liter for its diesel items.

Formosa Petrochemical Corp (台塑石化) on Saturday announced similar price hikes.

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