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Fuel prices in Taiwan to rise NT$0.3 per liter

2019/01/20 19:31:06

CNA file photo

Taipei, Jan. 20 (CNA) Gasoline and diesel prices in Taiwan will increase by NT$0.3 (US$0.01) per liter this week, continuing a rising streak for the third consecutive week, due to a surge in international crude oil prices, Taiwan's two major suppliers said Sunday.

State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, fuel prices at its gas stations nationwide will be NT$26.4 per liter for 92 octane unleaded, NT$27.9 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.2 per liter for super diesel.

Fuel prices at CPC gas stations nationwide fell to their lowest in 15 months in the week starting midnight Dec. 30, when the prices were NT$24.5 per liter for 92 unleaded, NT$26 per liter for 95 unleaded, NT$28 per liter for 98 unleaded and NT$22.2 per liter for super diesel.

However, following a hike in international crude oil prices, this is the third week in a row that CPC has raised its fuel prices, increasing gasoline and diesel prices by a total of NT$1.9 and NT$2.0, respectively, since the beginning of this year.

International crude oil prices continued to rise last week as Organization of Petroleum Exporting Countries (OPEC) members and major non-OPEC producers agreed to collectively cut output and Khalid al-Falih, energy minister of Saudi Arabia -- the world's largest exporter of crude oil -- reiterated that he is positive OPEC and its partner nations will meet their production cut commitments to balance oil markets in 2019.

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 fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$59.79 per barrel last week, up from US$58.47 a week earlier, according to its website.

Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp., announced identical price increases, to take effect at 1 a.m. Monday.

After the adjustments, prices at Formosa gas stations nationwide will be NT$26.4 per liter for 92 unleaded, NT$27.8 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.0 per liter for super diesel, the company said.

(By Tsai Peng-min and Evelyn Kao)
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