Mon, Oct 21, 2019 - Page 15 News List

CPC, Formosa to raise fuel prices by NT$0.1 a liter

Staff writer, with CNA

Taiwan’s two major fuel suppliers yesterday announced price hikes of NT$0.1 per liter for gasoline and diesel this week, citing an increase in international crude oil prices.

At CPC Corp, Taiwan’s (CPC, 台灣中油) gas stations, prices are to rise to NT$26.3 per liter for 92-octane unleaded, NT$27.8 for 95-octane unleaded, NT$29.8 for 98-octane unleaded and NT$24.1 for super diesel, effective today.

The adjustment ended three weeks of falling prices. CPC attributed the hikes to increasing international crude oil prices caused by several factors, including an Iranian oil tanker on Friday being hit by missiles in the Red Sea off Saudi Arabia’s coast.

CPC adjusts its fuel prices weekly based on a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.

According to its formula, the price of crude rose US$0.61 over the past week from US$58.79 to US$59.40 per barrel, it said.

Formosa Petrochemical Corp (台塑石化) announced identical fuel price hikes that also take effect today, with prices at its gas stations increasing to NT$26.3 per liter for 92-octane unleaded, NT$27.7 for 95-octane unleaded, NT$29.8 for 98-octane unleaded and NT$23.9 for diesel.

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