《TAIPEI TIMES》 CPC, Formosa raise fuel prices for sixth consecutive week

By Chen Cheng-hui / Staff reporter

CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） yesterday announced that they would increase gasoline and diesel prices for the sixth week in a row, effective today.

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CPC said that it would raise gasoline prices by NT$0.2 per liter to NT$24.2, NT$25.7 and NT$27.7 for 92, 95 and 98-octane unleaded gasoline respectively, while the cost of premium diesel would increase by NT$0.5 per liter to NT$21.8.

Based on CPC’s floating oil price formula, the cost of crude oil last week increased 0.87 percent from a week earlier, which the state-run refiner attributed to optimistic sentiment in the oil market after US President Donald Trump signed into law a US$2.3 trillion COVID-19 aid and spending package.

The news that the EU began to administer the Pfizer-BioNTech COVID-19 vaccine last week also helped push up oil prices, it added.

Formosa said that global crude oil prices traded in a narrow range last week, affected by a mixture of factors, including expectations of an increase in output by OPEC and its allies, the reduction of US crude oil inventories for a third straight week, and Trump’s signing of the COVID-19 aid and spending bill.

It said it would increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.2 per liter to NT$24.2, NT$25.6 and NT$27.7 respectively, while premium diesel would rise by NT$0.5 to NT$21.6 per liter.

新聞來源：TAIPEI TIMES