Refiners announce third consecutive fuel price increase

Staff writer, with CNA

Mon, Sep 10, 2018 - Page 16

Domestic gasoline and diesel prices are to increase by NT$0.1 and NT$0.2 per liter respectively this week, following a jump in international crude oil prices, the third week in a row fuel prices have risen, the nation’s two major suppliers said yesterday.

State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said international oil prices rose last week over renewed concerns about a tightening global market due to tough US sanctions on Iran’s sale of crude oil and an upward swing in oil demand during the summer.

Under its floating pricing mechanism, CPC said the average cost of its oil rose US$0.55 per barrel last week to US$76.06 from US$75.51 the previous week.

Rival Formosa Petrochemical Corp (台塑石化) announced similar hikes, effective today.