Mon, Mar 05, 2018 - Page 16 News List

CPC raises fuel prices to reflect global oil costs

Staff writer, with CNA

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it is to raise its domestic gasoline and diesel prices by NT$0.1 per liter today to reflect higher global crude oil prices.

The decision follows a hike of NT$0.4 per liter in the company’s fuel prices last week.

The increase reflects higher oil prices last week, as Saudi Arabia decided to keep its oil exports below 7 million barrels per day, in line with an OPEC production agreement, CPC said.

Based on the slight fluctuations in international crude oil prices, CPC said the average cost of crude oil reached US$63.52 per barrel last week, an increase of US$0.63 from a week earlier.

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

While OPEC production last month dropped by 70,000 barrels a day to 32.28 million, the effect of the decline was offset to some extent by a higher-than-expected increase of 3 million barrels in US crude inventories in the week ending on Feb. 23, Formosa said.

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