《TAIPEI TIMES》CPC, Formosa raise fuel prices NT$0.8 per liter

By Chen Cheng-hui / Staff reporter

Gasoline and diesel prices are to increase by NT$0.8 per liter this week, effective today, CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） announced yesterday.

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That marks the seventh consecutive week of hikes.

Prices at CPC gas stations are to rise to NT$21.4, NT$22.9 and NT$24.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$18.8 per liter, the state-run refiner said in a statement.

The price adjustments came after rising global crude oil prices showed no sign of halting, and reflected last week’s strong market sentiment, which was buoyed by record-high crude imports by China last month and OPEC members and their allies agreeing to cut their production by 9.7 million barrels per day, CPC said.

As a result, the average cost of its crude oil per barrel rose to US$40.33, from US$38.85 the previous week, CPC said.

After factoring in the appreciation of the New Taiwan dollar, which was up NT$0.157 against the US dollar last week, fuel prices would rise by 2.61 percent this week, the refiner said.

Privately run Formosa’s prices for 92, 95 and 98-octane unleaded are to rise to NT$21.4, NT$22.8 and NT$24.9 per liter respectively, with premium diesel increasing to NT$18.6 per liter, the refiner said.

Global crude oil prices edged up in a week of volatile trading last week, characterized by concerns about a second wave of COVID-19 infections, the US Federal Reserve’s conservative view of the US’ economic recovery and record-high US crude inventories, Formosa said.

新聞來源：TAIPEI TIMES