State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would increase gasoline and diesel prices by NT$0.6 per liter from today, ending six consecutive weeks of price cuts.
Based on CPC’s weighted oil price formula — which is composed of 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs jumped to US$23.77 per barrel last week, an increase from US$21.53 a week earlier.
IMPROVING OUTLOOK
After factoring in the appreciation of the New Taiwan dollar, which was up NT$0.111 against the US dollar last week, fuel prices would be hiked by 8 percent this week, CPC said in a statement.
CPC attributed the hike to positive sentiment in the crude oil market, with investors expecting major oil producers such as Saudi Arabia and Russia to finalize a deal with producers over output reduction.
After the adjustments, prices at CPC fuel stations are to rise to NT$17.9, NT$19.4 and NT$21.4 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to increase to NT$15.0 per liter, the company said.
Privately run Formosa Petrochemical Corp (台塑石化) yesterday announced similar cuts in a separate statement.
AGREEMENT INCOMING
Prices at Formosa’s fuel stations, also effective today, are to rise to NT$17.9, NT$19.3 and NT$21.4 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to increase to NT$14.8 per liter.
However, Formosa said that while major oil producers are close to reaching a production cut agreement, the scale of the reduction might be insufficient to offset the sharp decline in demand.
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