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Domestic fuel prices to rise next week

Domestic fuel prices to rise next week

Taipei, Nov. 8 (CNA) Gasoline and diesel prices in Taiwan will move higher next week because of a rebound in international crude oil prices this week, said state-owned oil supplier CPC Corp. Taiwan (??) Sunday. CPC said it will raise gasoline and diesel prices by NT$0.2 (US$0.006) per liter on Monday after leaving fuel prices unchanged this week. CPC calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude. Analysts said the hike largely reflected a comeback in international crude prices amid concerns over a fall in supply after workers at Petrobras, the largest oil supplier in Brazil, launched a strike to protest the company's layoff plan. Further expectations of a drop in supply were raised when the export terminal in the eastern port of Zueitina in Libya was closed, disrupting oil exports. The increase in international crude oil prices was offset to some extent later in the week by a stronger U.S. dollar amid rising expectations that the U.S. Federal Reserve will kick off an interest rate hike cycle, analysts said. CPC's weekly floating price formula showed that oil prices averaged US$46.40 per barrel as of Nov. 6, up from US$45.33 the previous week, according to its website. After the price hike, prices at the pump will rise to NT$20.6 per liter for super diesel, NT$22.8 per liter for 92 octane unleaded gasoline, NT$24.3 per liter for 95 octane unleaded and NT$26.3 per liter for 98 octane unleaded. (By Tsai Yi-chu and Frances Huang)


Updated : 2021-06-17 02:13 GMT+08:00