《TAIPEI TIMES》 CPC, Formosa raise prices at the pumps for seventh 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 seventh consecutive week, effective today.

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CPC said that it would raise gasoline prices by NT$0.5 per liter to NT$24.7, NT$26.2 and NT$28.2 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$22.3.

Based on CPC’s floating oil price formula, the cost of crude oil last week increased 3.22 percent from a week earlier, which the state-run refiner attributed to optimistic sentiment in the oil market, after OPEC and its allies reached a consensus on crude oil production for next month, while Saudi Arabia pledged to cut an additional 1 million barrels of crude oil production from next month to March

Formosa said it would also increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.5 per liter to NT$24.7, NT$26.3 and NT$28.2 respectively, while premium diesel would also rise by NT$0.5 to NT$22.1 per liter.

Separately, the first delivery of liquefied natural gas （LNG） from US company Cheniere Energy Inc arrived at CPC’s LNG terminal in Taichung yesterday, the refiner said in a statement.

CPC in August 2018 signed a 25-year purchasing agreement worth US$25 billion with Cheniere Energy, which is expected to supply 2 million tonnes of LNG annually beginning this year.

The deal is viewed as an important part of Taiwan’s efforts to move toward a low-carbon environment and achieve President Tsai Ing-wen’s （蔡英文） goal of making Taiwan a “nuclear-free homeland” by 2025.

It also helps CPC to diversify LNG sources and maintain stability of energy supply, the refiner said.

CPC purchases LNG from Qatar, Australia and the US, it added.

新聞來源：TAIPEI TIMES