Fuel prices in Taiwan to rise this week

10/20/2019 03:45 PM
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Taipei, Oct. 20 (CNA) Taiwan's two major fuel suppliers on Sunday announced price hikes of NT$0.1 (US$0.003) per liter for gasoline and diesel this week, citing an increase in international crude oil prices.

At CPC Corp., Taiwan gas stations, prices will rise to NT$26.3 per liter for 92 octane unleaded, NT$27.8 per liter for 95 octane unleaded, NT$29.8 per liter for 98 octane unleaded, and NT$24.1 per liter for super diesel, effective midnight Sunday.

The adjustment ended three weeks of falling domestic fuel prices. CPC attributed the hikes to increasing international crude prices caused by several factors, including an Iranian oil tanker being hit by missiles in the Red Sea off Saudi Arabia's coast Friday.

CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.

Based on that formula, the price of crude rose US$0.61 over the past week from US$58.79 to US$59.40 per barrel, the company said.

Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical fuel price hikes, to take effect at 1 a.m. Monday.

Privately-run FPCC said prices at its gas stations will be NT$26.3 per liter for 92 octane unleaded, NT$27.7 per liter for 95 octane unleaded, NT$29.8 per liter for 98 octane unleaded, and NT$23.9 per liter for diesel.

(By Tsai Peng-min, Chung Jung-feng and Elizabeth Hsu)

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