Fuel prices rising this week: refiner

FOREIGN EXCHANGE::The New Taiwan dollar’s depreciation against the US currency increased fuel import costs, CPC said in a statement online

By Lisa Wang  /  Staff reporter

Mon, Jun 08, 2015 - Page 13

State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline and diesel prices by NT$0.1 and NT$0.2 per liter as global crude oil prices edged up after the US continued to cut shale oil output.

However, CPC said output reduction was offset by OPEC saying late last week that it would not trim output, prompting renewed concern about global crude oversupply, CPC said in a statement posted on its Web site.

CRUDE CLIMBS

Global crude oil prices climbed by 0.18 percent, or US$0.11, to US$61.96 per barrel last week, compared with US$61.85 in the prior week, according to CPC’s pricing information.

After factoring in the New Taiwan dollar’s depreciation of NT$0.255 against the US dollar, which increased CPC’s crude import costs, domestic fuel prices should go up 0.81 percent this week, CPC said.

FORMOSA RESPONSE

The nation’s only privately run oil refiner, Formosa Petrochemical Corp (台塑石化), yesterday said it would increase gasoline prices by NT$0.1 per liter and increase diesel prices by NT$0.2 per liter.