Mon, Sep 03, 2018 - Page 16 News List

Gasoline, diesel prices to increase as crude gains

Staff writer, with CNA

Domestic gasoline and diesel prices are to increase by NT$0.4 and NT$0.5 per liter respectively this week, following a hike in international crude oil prices, with the price of 95 octane unleaded to hit a three-month high of NT$30.7, the nation’s two major suppliers said yesterday.

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said the price increases were mainly because of a drop in the US’ crude oil inventory, a weakening of the US dollar against other major foreign currencies and rising US-Iran tensions.

The revived US sanctions against major crude exporter Iran are expected to tighten global supply, CPC vice president Huang Jen-hung (黃仁弘) said.

Based on the company’s floating pricing mechanism, the average cost of crude oil per barrel last week rose US$3.06 from US$72.45 to US$75.51, CPC’s Web site showed.

Rival Formosa Petrochemical Corp (台塑石化) also announced similar hikes, effective today.

In other news, CPC on Saturday said it would freeze prices of liquefied natural gas and liquefied petroleum gas this month.

In an effort to stabilize the cost of living ahead of the Mid-Autumn Festival this month and in view of the damage caused by flooding in central and southern Taiwan, the company said it would temporarily freeze the prices, as was done during the Dragon Boat Festival in June.

Agricultural losses caused by the flooding were estimated at NT$871.99 million (US$28.37 million) as of Friday evening, the Council of Agriculture said.

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