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CPC to raise fuel prices by NT$0.5 per liter this week

2018/04/22 14:57:38

Taipei, April 22 (CNA) State-owned oil refiner CPC Corp., Taiwan said Sunday that it will raise gasoline and diesel prices by NT$0.5 (US$0.017) per liter for the upcoming week starting at midnight after international crude oil prices continued to rise last week.

After the adjustment, prices at CPC gas stations nationwide will be NT$27.8 per liter for 92 octane unleaded and NT$31.3 per liter for 98 unleaded, the company said.

With the weekly raise, CPC's 95 unleaded price will rise to NT$29.3 per liter, close to a high of NT$29.6 recorded Dec. 1, 2014, while its super diesel will surge to NT$25.7, close to a record high of NT$26.4, also on Dec. 1, 2014.

The rise came after global crude oil prices rose last week, caused by a drop in crude inventories in the U.S. market, as well as lingering concerns over geopolitical tension in the Middle East.

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 calculated the average price of crude oil at US$70.45 per barrel last week, an increase of US$2.04 from a week earlier, according to the company's website.

(By Chen Cheng-wei and Evelyn Kao)