Mon, Oct 02, 2017 - Page 16 News List

Refiners announce more fuel price hikes

Staff writer

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would today increase domestic gasoline and diesel prices by NT$0.4 per liter to reflect rising crude oil prices caused by increased geopolitical tensions in the Middle East.

This is the sixth consecutive week that fuel prices have risen, pushing prices at the pump to a nine-month high.

CPC said that its average price for crude oil was US$56.4 per barrel this week, up from US$55.02 per barrel last week.

Taking into account the New Taiwan dollar’s depreciation of NT$0.131 against the US dollar, CPC said its weighted oil price formula increased 2.36 percent, which translates into an increase of NT$0.4 per liter in the wholesale prices of its gasoline and diesel products.

Private refiner Formosa Petrochemical Corp (台塑石化) announced identical hikes a day earlier.

Separately, CPC also said it would raise prices for liquefied petroleum gas (LPG) items and liquefied natural gas (LNG) products.

From today, prices for household LPG are to increase by NT$3.6 per kilogram and by NT$1.9 per liter for LPG used in cars to reflect an increase in international LPG contract prices, CPC said.

The price of a 20kg household gas cylinder — widely used by families, restaurants and food stands — is to increase by NT$72 from last month, it said.

Meanwhile, the average price per cubic meter of LNG will today rise 2.99 percent from last month, CPC said.

As a result, an average LNG consumption of 30m3 to 45m3 per month would mean increased costs of between NT$9 and NT$13.5 per household, it said.

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