Refiners to hike fuel prices

By Lisa Wang  /  Staff reporter

Mon, Jul 08, 2013 - Page 13

State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it would hike gasoline and diesel prices by NT$0.4 per liter after global crude oil prices rose on concern that political unrest in Egypt could curtail supply from the oil-rich region and on reduced US crude reserves.

Global crude oil prices jumped 2.19 percent, or US$2.19, to US$101.97 per barrel last week, compared with US$99.78 per barrel in the previous week, CPC said in a statement on its Web site.

Factoring in the NT$0.043 appreciation of the New Taiwan dollar against the US dollar last week, gasoline and diesel prices should have risen 1.64 percent from a week ago, as the appreciation would have helped cut CPC’s crude import costs.

Its local rival, Formosa Petrochemical Corp (台塑石化), yesterday said it would also raise gasoline and diesel prices by NT$0.4 per liter.