Back to list

Fuel prices rise by NT$1 per liter after 13th consecutive drop

2012/07/08 19:18:17

Taipei, July 8 (CNA) State-run oil company CPC Corp., Taiwan will raise its fuel prices this week, ending its 13th consecutive week of falls since hiking prices by an average of about 10.7 percent in early April, the company announced Sunday.

The company's latest price hike of NT$1 (US$0.03) per liter for gasoline, to take effect Monday, will leave the price of 92-octane, 95-octane and 98-octane unleaded gasoline at NT$31.8, NT$33.3 and NT$35.3 a liter, respectively, CPC said in a statement.

Also, the price of diesel will increase by NT$1.1 per liter to NT$30.5, the company said.

Meanwhile, the price of 92-octane unleaded gasoline sold by Formosa Petrochemical Corp. Taiwan's sole private refiner, will rise to NT$31.7 per liter, 95-octane unleaded will be sold at NT$33.3, 98-octane unleaded will be NT$35.5 and diesel will be NT$30.5.

The benchmark that CPC uses, an average between 70 percent of the Dubai and 30 percent of the Brent indices, stood at US$97.29 per barrel for the period ending Friday, an increase of US$5.85 from US$91.44 the previous week.

Oil prices have increased because of fears that Iran may shut the key Straits of Hormuz to oil tanker traffic, and due to a strike by Norway's offshore oil and gas workers which has slowed crude exports, as well as concerns over the euro zone's debt crisis easing in recent weeks.

CPC increased gasoline prices by between NT$2.3 and NT$3.6 per liter, or about 7-11 percent April 2, the largest one-time increase in domestic fuel prices since May 2008.

The next price adjustment is expected to be posted July 15.

(By Lin Hui-chun and Hanna Liu)