Fuel prices in Taiwan to rise by NT$0.2 this week
Taipei, Nov. 10 (CNA) Taiwan's two major fuel suppliers on Sunday announced price hikes for this week, citing an increase in international crude oil prices amid easing trade tensions between the United States and China.
State-run oil refiner CPC Corp., Taiwan said the price of its gasoline and diesel will increase by NT$0.2 (US$0.007) per liter, from midnight Sunday.
After the increase, retail prices at CPC gas stations will be NT$26.6 per liter for 92 octane unleaded, NT$28.1 per liter for 95 unleaded, NT$30.1 per liter for 98 unleaded, and NT$24.4 per liter for super diesel.
CPC said that international crude oil prices have risen, in part because the U.S.-China trade frictions have been showing signs of easing.
The oil market was also boosted by the planned initial public offering (IPO) of Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, before the end of the year, CPC said. With the IPO, Saudi Aramco will become the world's largest listed company, CPC said.
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$1.02 over the past week to US$61.46 per barrel, the company said.
Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp. (FPCC), announced identical fuel price hikes, which will take effect at 1 a.m. Monday.
FPCC said prices at its gas stations will be NT$26.6 per liter for 92 unleaded, NT$28 per liter for 95 unleaded, NT$30.1 per liter for 98 unleaded and NT$24.2 per liter for super diesel.
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