Gas prices will continue to rise in Taiwan, says CPC

Gasoline and diesel prices will increase by NT$0.2 and NT$0.3 respectively, effective from Jan. 15

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CNA file photo (By Central News Agency)

TAIPEI (CNA) -- State-owned oil refiner CPC Corp., Taiwan will raise domestic gasoline and diesel prices by NT$0.2 (US$0.0068) and NT$0.3, respectively, effective midnight Sunday at CPC gas stations nationwide, as international crude oil prices climb.

According to CPC, international crude oil prices have risen as a result of continuous cuts in production by Organization of the Petroleum Exporting Countries (OPEC) and decreases in the United States' crude oil inventory for eight consecutive weeks.

After the adjustment, prices at CPC gas stations will be NT$25.1 per liter for super diesel, NT$27.1 per liter for 92 octane unleaded, NT$28.6 per liter for 95 unleaded and NT$30.6 per liter for 98 unleaded, CPC said.

CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.

Based on the latest increases in crude prices, CPC has calculated the average price of crude oil at US$67.06 per barrel, an increase of US$1.34 from a week earlier, according to its website.