CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would raise gasoline and diesel prices for the third consecutive week by NT$0.5 per liter, effective today.
CPC said in a statement the hike reflected a 2.44 percent increase in its average crude costs of US$86.11 per barrel last week from the previous week.
“Global crude oil prices continued rising last week because of the US Federal Reserve’s quantitative easing measures that drove the US dollar down, plus the prospect of strong winter demand,” CPC said.
Prices also rose on the latest data from the US, China and OPEC, which suggested strong demand ahead for crude, Formosa said in its release.
“US crude inventories fell unexpectedly last week, while China’s oil processing climbed and OPEC lifted its estimate of global oil demand, pushing crude prices to almost a two-month high,” Formosa said.
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