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Domestic fuel prices to surge as crude oil prices rebound

Domestic fuel prices to surge as crude oil prices rebound

Taipei, Feb. 8 (CNA) Gasoline and diesel prices in Taiwan will go up sharply on Monday after the weighted crude oil price index used to set domestic fuel prices rose nearly 18 percent over the past week, state-run petrochemical refiner CPC Corp., Taiwan said Sunday. Starting early Monday morning, consumers will be charged NT$27.5 (US$0.87) per liter for 98-octane unleaded gasoline, NT$25.5 per liter for 95-octane unleaded gasoline, and NT$24 per liter for 92-octane unleaded gasoline. The price for super diesel will rise to NT$21.9 per liter, according to CPC. The company said the big adjustment was prompted by fluctuations in international crude oil prices, which posted their biggest weekly percentage gain in almost four years last week on signs of future production cuts. Crude oil prices surged after BP became the latest multinational oil company to announce cuts in capital expenditure this year and the number of rigs drilling for oil fell the most in a week in nearly 30 years. CPC adjusts fuel prices once a week based on changes in a weighted crude oil price formula consisting of 70 percent Dubai crude and 30 percent Brent crude. Over the past week, the weighted average oil price reached US$53.24 per barrel, up US$7.96 from US$45.28 per barrel the previous week, CPC said. (By Wu Ching-chun and Elizabeth Hsu)


Updated : 2021-09-19 12:50 GMT+08:00