Mon, Dec 04, 2017 - Page 16 News List

Gasoline prices stay stable, but diesel prices sneak upward

Staff writer

CPC Corp, Taiwan (台灣中油) yesterday announced it would keep gasoline prices unchanged this week from last week, but would raise diesel prices by NT$0.1 per liter, effective today.

The state-run refiner said global crude oil prices rose in the face of volatile trading last week, as the negative impact of the Keystone XL pipeline’s resumed operations was offset by an agreement by major oil producers to extend crude output cuts until the end of next year and a continued decrease in US commercial crude oil inventories.

Under CPC’s weighted pricing mechanism — 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs rose US$0.37 to US$61.81 per barrel over the past week.

After factoring in the appreciation of the New Taiwan dollar last week, which was up NT$0.033 versus the US dollar, CPC said domestic gasoline prices should have risen by 0.39 percent this week, but the refiner said it would absorb the increased cost.

Formosa Petrochemical Corp (台塑石化) on Saturday said it would also increase diesel prices by NT$0.1 per liter, with gasoline prices remaining flat from last week.

The adjustments are to take effect today, it said.

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