State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would raise gasoline and diesel prices by NT$0.5 per liter this week, after international crude oil prices continued their rise last week.
The rise, pushing prices of 95-octane unleaded gasoline and super diesel to their highest levels since December 2014, follows a rise in global crude oil prices on a reported drop in inventories in the US and lingering concerns over geopolitical tensions in the Middle East.
CPC calculates its weekly fuel prices using a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
The average cost of its crude oil reached US$70.45 per barrel last week, an increase of US$2.04 from a week earlier, the company said in a statement on its Web site.
CPC’s rival, privately held Formosa Petrochemical Corp (台塑石化), on Saturday announced a similar hike starting from today.
It is the second consecutive weekly hike in Formosa’s prices, after a NT$0.6 hike per liter the previous week.
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