Oil prices set to increase

By Lisa Wang  /  Staff reporter

Mon, May 20, 2013 - Page 13

State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it would increase diesel prices by NT$0.1 per liter, but keep gasoline prices unchanged after global crude oil prices dropped by 1.18 percent last week.

Global crude oil prices slid US$1.21 to US$100.95 per barrel last week, compared with US$102.16 per barrel the previous week. The fall in prices comes after the International Energy Agency said a surge in crude output in North America was a “supply shock,” CPC said in a statement.

Factoring in the depreciation of the New Taiwan dollar against the US dollar, down NT$0.38 last week to NT$29.99, prices for gasoline and diesel should have inched up 0.09 percent. The depreciation in the local currency would have increased CPC’s crude import costs.

Formosa Petrochemical Corp (台塑石化) yesterday also said it would raise diesel prices by NT$0.1 per liter and leave gasoline prices unchanged.