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CPC to raise fuel prices for coming week

2017/12/17 17:54

CNA file photo

Taipei, Dec. 17 (CNA) State-owned oil refiner CPC Corp., Taiwan (中油) announced Sunday that it will increase domestic gasoline and diesel prices by NT$0.2 (US$0.0066) per liter, starting at midnight.

After the adjustment, prices at CPC gas stations nationwide will be NT$24.1 per liter for super diesel, NT$26.3 per liter for 92 octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.8 per liter for 98 unleaded, the company said.

CPC said that international oil prices increased over the past week, lifted by the Forties pipeline outage in the North Sea and ongoing production cuts by major oil producers led by the Organization of the Petroleum Exporting Countries (OPEC).

CPC 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, based on movements in the weighted price.

In the wake of the increase in international crude oil prices, CPC's average price was calculated at US$62.1 per barrel for the past week, up US$0.97 from US$61.13 per barrel in the previous week, according to its website.

(By Liao Yu-yang and Evelyn Kao) Enditem/AW