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Fuel prices to rise by 1.21 percent

Fuel prices to rise by 1.21 percent

Taipei, Aug. 26 (CNA) Prices for all types of gasoline will be increased by NT$0.3-NT$0.4, or 1.21 percent, per liter Monday morning as the result of increasing international crude oil costs, according to state-run oil company CPC Corp., Taiwan. The price of 95-octane unleaded gasoline will reach a record high of NT$36.3 (US$1.21) per liter after being adjusted higher by NT$0.3. The latest adjustment will also push the price of 92-octane unleaded, 98-octane unleaded, and diesel to NT$34.8, NT$38.3 and NT$33.8 per liter, respectively, the oil refinery announced Sunday. The crude oil pricing benchmark that CPC uses, a weighted average of 70 percent Dubai crude and 30 percent Brent crude, stood at US$113.10 per barrel, an increase of US$1.71 from US$111.39 the previous week. Oil prices have been on the rise recently because of a significant decrease in petroleum reserves in the United States and expectations that the Federal Reserve will inject more liquidity into markets to boost the sluggish economy, the company said. (By Huang Chiao-wen and Maia Huang)


Updated : 2021-01-22 06:25 GMT+08:00