Mon, Feb 18, 2019 - Page 16 News List

Fuel prices cut despite oil hike

Staff writer, with CNA

Gasoline prices are to be cut by NT$0.1 per liter, while diesel prices are to rise by NT$0.4 per liter this week, Taiwan’s two major refiners announced yesterday.

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said that after the adjustments, prices at CPC gas stations nationwide would be NT$26.3 per liter for 92-octane unleaded, NT$27.8 per liter for 95 unleaded, NT$29.8 per liter for 98 unleaded and NT$25.1 per liter for super diesel.

The refiner said it planned to raise gasoline and diesel prices by NT$0.8 and NT$0.4 per liter respectively this week, following a hike in international crude oil prices, but to maintain domestic gasoline prices at lower levels than neighboring markets in the region, it decided to cut gasoline prices by NT$0.1 per liter and raise diesel prices for the second consecutive week.

Last week, international crude oil prices surged as Saudi Arabia pledged to cut production and Venezuela’s crude oil production remained at its lowest level in more than 50 years.

That resulted in an increase in CPC’s weighted oil price formula to US$63.54 per barrel last week, up from US$62.19 a week earlier.

Formosa Petrochemical Corp (台塑石化), the nation’s only privately owned refiner, announced identical price adjustments, taking effect today.

After the adjustments, prices at Formosa gas stations nationwide would be NT$26.3 per liter for 92-octane unleaded, NT$27.7 per liter for 95 unleaded, NT$29.8 per liter for 98 unleaded and NT$24.9 per liter for super diesel, the company said.

This story has been viewed 2509 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top