CPC and Formosa announce NT$0.3 rise in fuel prices

By Chen Cheng-hui  /  Staff reporter

Mon, Aug 27, 2018 - Page 16

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would increase gasoline and diesel prices by NT$0.3 per liter from today, ending three consecutive weeks of price cuts.

The price hikes reflected last week’s higher international crude oil prices, due to an unexpected increase in US crude oil inventories and the weaker value of the US dollar against major currencies, CPC said in a statement.

Privately owned Formosa Petrochemical Corp (台塑石化) announced similar hikes, to take effect today, citing global oil market sentiment and local market competition.