Mon, Mar 25, 2019 - Page 16 News List

CPC, Formosa to raise fuel prices for second week

SUPPY AND DEMAND:CPC said that the hike was in part because the world’s major oil producers have agreed to stick to targets to reduce their output

By Chen Cheng-hui  /  Staff reporter

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would increase gasoline and diesel prices for a second consecutive week, as global crude oil prices continued to move higher.

Oil market sentiment remained bullish last week, as the world’s major oil producers have agreed to stick to targets to cut oil output, while the US’ crude oil inventories continued to decrease for a second week, CPC said in a statement, adding that the average cost of its crude oil per barrel rose from US$66.94 to US$67.57 last week.

The price hikes of NT$0.5 per liter for gasoline products and NT$0.1 per liter for diesel products would take effect today, CPC said.

Fuel prices at the refiner’s gas stations would rise to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel would climb to NT$26.0 per liter, CPC said in a statement.

Privately owned refiner Formosa Petrochemical Corp (台塑石化) yesterday announced similar hikes, also effective today.

They would see the company’s prices for 92, 95 and 98-octane unleaded rise to NT$27.3, NT$28.7 and NT$30.8 per liter respectively, with premium diesel moving up to NT$25.8 per liter.

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