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Fuel prices to rise for third consecutive week on crude oil rebound

Fuel prices to rise for third consecutive week on crude oil rebound

Taipei, Feb. 22 (CNA) Domestic gasoline and diesel retail prices will rise by NT$0.8 (US$0.03) and NT$0.9 respectively at midnight, the third consecutive week that Taiwan's state-owned oil supplier has raised prices on rebounding international crude oil prices. Starting midnight Monday, the new prices will be NT$23.4 per liter for super diesel, NT$25.3 per liter for 92 octane unleaded gasoline, NT$26.8 per liter for 95 octane unleaded gasoline and NT$28.8 per liter for 98 octane unleaded gasoline, according to the CPC Corp., Taiwan (??) website. Despite the price increase, domestic fuel prices will remain NT$9.2-NT$10.1 cheaper than in late June 2014, when international crude oil prices first started tumbling, CPC said. The company noted that the adjustment came after crude oil prices continued to rise this week amid lingering worries over reduced capital expenses by oil suppliers. CPC adjusts domestic fuel prices every week based upon weekly changes on a weighted crude oil price index consisting of 70 percent Dubai crude and 30 percent Brent crude. CPC said the index rose US$3.47 per barrel from the previous week to US$59.12, translating to a 5.18 percent increase for local fuel prices. Following the announced hike by CPC, privately run Formosa Petrochemical Corp. (????) also announced to raise its gasoline and diesel wholesale prices at 1 a.m. Monday by NT$0.8 and NT$0.9, respectively. Formosa Petrochemical's new prices will be NT$25.2 per liter for 92 octane unleaded gasoline, NT$26.5 per liter for 95 octane unleaded gasoline and NT$23.1 per liter for super diesel -- all cheaper than its competitor CPC. Only its 98 octane unleaded gasoline offering will cost more than CPC's, at NT$29 per liter. (By Chen Cheng-wei, Han Ting-ting and Jeffrey Wu)


Updated : 2021-09-19 12:25 GMT+08:00