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CPC fuel prices to increase this week to near 3-year high

2017/11/12 17:27:40

Taipei, Nov. 12 (CNA) State-owned oil refiner CPC Corp., Taiwan said Sunday that its domestic gasoline and diesel prices will rise by NT$0.6 (US$0.0199) and NT$0.7 per liter, respectively, starting at midnight.

The price hike will be the fourth in as many weeks and will push fuel prices at CPC pumps to the highest level since December 2014.

After the adjustment, prices at CPC gas stations nationwide will be NT$24.3 per liter for super diesel, NT$26.4 per liter for 92 octane unleaded, NT$27.9 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded, the company said.

On Dec. 8, 2014, fuel prices at CPC pumps were NT$25.1 per liter for super diesel, NT$26.9 per liter for 92 octane unleaded, NT$28.4 per liter for 95 unleaded and NT$30.4 per liter for 98 unleaded.

International crude oil prices have surged due to unprecedented political disturbance in Saudi Arabia after the country's Crown Prince Mohammed bin Salman arrested 11 members of the royal family and dozens of incumbent and former ministers last week based on charges of widespread corruption, according to CPC.

Meanwhile, Saudi Arabia's war against Yemen's anti-government militia on the border of the two countries and its blockade of Yemen's major land, air and sea routes have also raised tensions in the Middle East, sending crude prices higher.

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, and adjusts fuel prices on a weekly basis, based on movements in the weighted price.

Because of the higher international crude price, CPC's average crude price was calculated at US$62.43 per barrel in the past week, up from US$59.38 per barrel the previous week, according to its website.

(By Tsai Yi-chu and Elizabeth Hsu)