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Fuel prices in Taiwan to rise due to Middle East tensions

2019/06/16 16:03:06

Taipei, June 16 (CNA) Taiwan's two major fuel suppliers announced small hikes in fuel prices in the coming week after global crude prices rose amid tensions in the Middle East.

CPC Corp., Taiwan will raise its gasoline and diesel prices by NT$0.10 per liter starting midnight Sunday, the state-run oil refiner announced.

Following the adjustment, retail prices at CPC gas stations will be NT$27.00 (US$0.85) per liter for 92 octane unleaded, NT$28.50 per liter for 95 octane unleaded, NT$30.50 per liter for 98 octane unleaded, and NT$24.90 per liter for super diesel.

CPC cited the consensus among Organization of the Petroleum Exporting Countries (OPEC) members to extend their agreement to cut oil output and the recent attacks on two oil tankers in the Gulf of Oman as factors pushing global crude prices higher this past week.

The fuel price adjustments are calculated weekly based on a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude, and the NT$0.10 per liter hike fully reflected the increase in crude prices over the past week based on that formula, according to CPC.

Meanwhile, CPC's main rival, Formosa Petrochemical Corp. (FPCC), announced identical price adjustments for its fuel products Sunday that will take effect at 1 a.m. Monday.

Prices at FPCC gas stations will be NT$27.00 per liter for 92 octane unleaded, NT$28.40 per liter for 95 octane unleaded, NT$30.50 per liter for 98 octane unleaded, and NT$24.70 per liter for diesel.

(By Wu Chia-jung, Han Ting-ting and Emerson Lim)
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