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Fuel prices to increase by NT$0.20 this week

2019/06/23 16:47:51

Taipei, June 23 (CNA) Taiwan's two major fuel suppliers on Sunday announced small hikes in fuel prices for this week, citing an increase in global crude prices due to tensions in the Middle East.

The state-run oil refiner CPC Corp., Taiwan said it will raise its gasoline and diesel prices by NT$0.20 per liter, starting midnight Sunday.

With the adjustment, retail prices at CPC gas stations will be NT$27.20 (US$0.87) per liter for 92 octane unleaded, NT$28.70 per liter for 95 octane unleaded, NT$30.70 per liter for 98 octane unleaded, and NT$25.10 per liter for super diesel.

The price of crude rose US$0.89 last week to US$62.35 per barrel, said CPC, which calculates it fuel prices based on a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.

One of the main factors that contributed to the rise in crude prices was the recent attack on oil tankers in the Gulf of Oman, CPC said.

Meanwhile, CPC's main rival, Formosa Petrochemical Corp. (FPCC), announced an identical fuel price hike, which will take effect 1 a.m. Monday.

With the increase, prices at FPCC gas stations will be NT$27.20 per liter for 92 octane unleaded, NT$28.60 per liter for 95 octane unleaded, NT$30.70 per liter for 98 octane unleaded, and NT$24.90 per liter for diesel.

(By Pan Tzu-yu and Emerson Lim)
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