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CPC announces diesel price hike

2017/12/03 22:52:52

CNA file photo

Taipei, Dec. 3 (CNA) State-owned oil refiner CPC Corp. Taiwan (中油) said Sunday it will raise domestic diesel prices by NT$0.1 (US$0.003) per liter but will not adjust its gasoline prices for this week.

Beginning at midnight, prices at CPC gas stations across Taiwan will be NT$24.1 per liter for super diesel, NT$26.2 per liter for 92 octane unleaded, NT$27.7 per liter for 95 unleaded and NT$29.7 per liter for 98 unleaded, the company said.

According to the CPC, crude oil prices dropped because the Keystone Pipeline between Canada and the United States has resumed working.

However, crude oil reserves in the U.S. were decreasing and a decision by major oil producers to extend an agreement on cutting production to the end of next year pushed 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.

Based on the fluctuations in international crude oil prices, CPC has calculated the average price of crude oil at US$61.81 per barrel this week, an increase of US$0.37 from a week earlier, according to its website.

(By Huang Ya-chuan and William Yen)