CPC, Formosa raising gasoline prices

By Kevin Chen  /  Staff reporter

Mon, Jun 24, 2013 - Page 13

The nation’s oil refiners yesterday announced they would raise gasoline and diesel prices for the second consecutive week, effective today.

CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) will increase gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter.

Global crude oil prices tumbled late last week in reaction to the US Federal Reserve’s plans to gradually scale back its monetary easing measures. However, oil prices on average remained higher than the previous week, Formosa said.

CPC said the latest price adjustments reflected a 0.86 percent rise in its average crude costs of US$102.62 per barrel last week from the previous week.

“Oil prices climbed last week because of the escalating political situation in Syria, which could affect oil supply from the Middle East, while prices also rose on expectation of increasing demand as the market enters the summer season,” it said.