Mon, Nov 13, 2017 - Page 16 News List

CPC raises gasoline and diesel prices to reflect import costs

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$0.6 and NT$0.7 per liter respectively from today to reflect increased import costs over the past week.

It is the fourth consecutive week that CPC is raising its fuel prices.

The company’s floating oil price formula showed that oil prices last week increased by US$3.05 from US$59.38 per barrel to US$62.43, CPC’s Web site showed.

After factoring in the New Taiwan dollar’s depreciation of NT$0.001 against the US dollar, CPC said its average oil import costs last week grew 4.11 percent from the previous week.

International crude oil prices rose last week on concerns over Saudi Arabia’s recent political situation after Crown Prince Mohammed bin Salman launched a massive anti-graft crackdown on the kingdom’s elite earlier this month, CPC said.

Crude prices also moved higher because of geopolitical unease related to Saudi Arabia and Yemen in the Middle East, said Formosa Petrochemical Corp (台塑石化), which on Saturday announced the same hikes, effective today.

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