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Fuel prices to hit seven-month high this week

2017/09/24 15:54:23

CNA file photo

Taipei, Sept. 24 (CNA) State-run oil refiner CPC Corp. Taiwan (中油) will increase domestic gasoline and diesel prices on Monday by NT$0.3 (US$0.009) and NT$0.4 per liter respectively, pushing prices at the pump to a near seven-month high.

This is also the fifth consecutive week that fuel prices have risen.

After the adjustment, which will take effect at midnight Sunday, prices at CPC gas stations around Taiwan will rise to NT$22.6 per liter for super diesel, NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded and NT$28.3 per liter for 98 unleaded.

The rise comes after an increase in global crude oil prices amid a falling number of drilling rigs in the United States and news that Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) oil cartel, expressed support for a decision to extend a deal between OPEC and non-OPEC countries to cut oil output.

The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of international crude.

After a recent rise in international crude oil prices due to reduced supply, CPC's average price for crude oil was calculated at US$55.02 per barrel this week, up from US$53.7 per barrel last week, according to its website.

(By Liao Yu-yang and Evelyn Kao)