Fuel prices raised to four-month high

By Kevin Chen  /  Staff reporter

Mon, Feb 11, 2013 - Page 5

The nation’s two oil refiners yesterday announced they are raising gasoline prices by NT$0.4 per liter and NT$0.5 for diesel, effective today, pushing domestic prices to their highest levels in four months.

The price adjustments mark a drastic change from the two refiners’ past practice of not raising prices during the Lunar New Year holiday to help keep consumer prices stable.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement its average oil costs increased by 1.62 percent last week, as global crude oil prices rose after crude producer Iran rejected a US offer on nuclear talks.

The company’s weighted oil price formula showed prices rose US$2.08 per barrel to US$113.44.

Global oil prices also rose last week after the US service sector and European purchasing managers figures came in better than expected, privately owned Formosa Petrochemical Corp (台塑石化) said in a separate statement.