Mon, Nov 06, 2017 - Page 15 News List

Fuel prices rise as Russia, Saudi Arabia clinch deal

Staff writer

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would raise gasoline and diesel prices by NT$0.5 and NT$0.6 per liter respectively from today to reflect an increase in import costs over the past week.

It is the third consecutive week CPC is raising its fuel prices.

CPC’s floating oil price formula showed that oil prices last week increased by US$2.53 from US$56.85 per barrel to US$59.38, the refiner’s Web site showed.

After factoring in the New Taiwan dollar’s appreciation of NT$0.079 against the US dollar, CPC said its average oil import costs last week grew 3.34 percent from the previous week.

International crude oil prices rose last week, after Saudi Arabia and Russia reached a consensus to push for the extension of an output reduction agreement between major oil producers through the end of next year, CPC said.

Crude prices were also buoyed by an decrease in US crude inventories last week, said Formosa Petrochemical Corp (台塑石化), which on Saturday announced the same hikes, effective today.

Separately, CPC on Wednesday last week said that it has decided to keep liquefied petroleum gas prices unchanged for this month from last month, while raising liquefied natural gas prices by 2.99 percent, effective from Thursday last week.

As a result, an average natural gas consumption of 30m3 to 45m3 per month would mean an increase in spending of between NT$9.3 and NT$13.95 per household, CPC said.

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