Gasoline prices up for fifth straight week
Taipei, April 14 (CNA) The two major petroleum companies in Taiwan announced price hikes at their gas stations country Sunday, the fifth consecutive week in which gasoline prices have increased.
The state-run oil refiner CPC Corp., Taiwan announced an increase of NT$0.20 for gasoline products and NT$0.40 for its diesel prices.
With the adjustments, the suggested retail price at CPC gas stations will be NT$27.90 (US$0.90) per liter for 92 octane unleaded, NT$29.40 per liter for 95 octane unleaded, NT$31.40 per liter for 98 octane unleaded, and NT$26.70 per liter for super diesel.
This is the fifth consecutive week of price hikes, with the new prices set to be introduced midnight Sunday.
The increase has been caused by turmoil in Libya, a decrease in crude inventories in the United States and the debut international bond sale of Saudi Aramco, Saudi Arabia's state-owned oil company, according to CPC.
The average 7D3B benchmark price this week, a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude, is US$70.62 per barrel, an increase of US$1.61 from last week's US$69.01.
In addition, the Taiwan dollar depreciated by NT$0.035 against the U.S. dollar.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), announced identical price adjustments for its gasoline and diesel products on its website, effective from 1 a.m. Monday.
Prices at FPCC gas stations will be NT$27.90 per liter for 92 octane unleaded, NT$29.30 per liter for 95 octane unleaded, NT$31.40 per liter for 98 octane unleaded ,and NT$26.50 per liter for diesel.
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