Gas prices rise on global oil price hike

By Kevin Chen  /  Staff reporter

Mon, Dec 30, 2013 - Page 13

The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.50 per liter this week. The prices go into effect today, reflecting rising global crude oil prices.

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said its average oil costs increased by 2.09 percent last week, primarily due to the violence in South Sudan that has stoked concerns about the African nation’s oil production capabilities.

Global crude oil prices also increased to reflect a promising outlook for the US economy evidenced by recent economic data, CPC said.

The firm’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — rose by US$2.01 per barrel to US$109.96 during the week, CPC said.

Formosa Petrochemical Corp (台塑石化) yesterday said it would follow suit by matching CPC’s hikes, citing the short-term outlook for global crude oil prices and fierce competition with CPC.