CNA file photo

Taipei, Feb. 25 (CNA) State-owned oil refiner CPC Corp. Taiwan announced Sunday that it will increase domestic gasoline and diesel prices by NT$0.4 (US$0.014) per liter in the coming week, effective at midnight, to reflect a small rebound in global crude oil prices.

The price increase snapped three consecutive weeks of price reductions.

After the latest adjustments, prices at CPC gas stations nationwide will rise to NT$24.0 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.

The adjustments came after oil prices moved higher this past week, boosted by signals from the Organization of the Petroleum Exporting Countries (OPEC) and Russia that production cuts may be extended into 2019.

The gains were somewhat offset by an increase in global crude supplies as improvements in U.S. shale oil drilling techniques have helped cut operating costs, CPC said.

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 slight fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$62.89 per barrel this past week, an increase of US$1.86 from a week earlier, according to the company's website.

(By Chiu Po-sheng and Evelyn Kao)
Enditem/ls