Mon, May 20, 2019 - Page 16 News List

CPC, Formosa raise fuel prices amid Gulf tensions

Staff writer, with CNA

Taiwan’s two major fuel suppliers yesterday announced gasoline and diesel price hikes for this week as tensions continue to rise in the Persian Gulf.

Effective today, CPC Corp, Taiwan (台灣中油) is to raise gasoline prices by NT$0.3 per liter and diesel prices by NT$0.4 per liter, the state-run oil refiner said.

With the adjustments, prices at its gas stations would be NT$28.9 per liter for 92-octane unleaded, NT$30.4 for 95-octane unleaded, NT$32.4 for 98-octane unleaded, and NT$27 for super diesel.

The hikes would push domestic gasoline prices to their highest levels since March.

Tension caused by attacks on four oil tankers off the coast of the United Arab Emirates last week and the US-China trade dispute led to a rise in international crude oil prices, CPC said in a statement.

Based on its weighted oil price formula, the refiner’s crude oil costs rose to US$71.79 per barrel last week, US$1.77 higher than a week earlier, it said.

CPC would have to absorb NT$0.2 per liter on its gasoline and diesel prices to comply with the government’s fuel price stabilization mechanism, it said.

Privately owned Formosa Petrochemical Corp (台塑石化) yesterday announced identical price adjustments, effective today.

Prices at Formosa gas stations would be NT$28.9 per liter for 92-octane unleaded, NT$30.3 for 95-octane unleaded, NT$32.4 for 98-octane unleaded and NT$26.8 for diesel.

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