Fuel prices to rise for seventh straight week

06/14/2020 04:47 PM
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CNA file photo
CNA file photo

Taipei, June 14 (CNA) Taiwan's two major fuel suppliers announced price hikes Sunday for the seventh consecutive week, pushing domestic fuel prices to their highest levels in three months.

State-run oil refiner CPC Corp. Taiwan will raise its retail gasoline and diesel prices by NT$0.8 per liter, effective midnight Sunday, the company said.

After the increase, prices at CPC gas stations will be NT$21.4 per liter for 92 octane unleaded, NT$22.9 per liter for 95 unleaded, NT$24.9 per liter for 98 unleaded, and NT$18.8 per liter for super diesel, CPC said.

This week's fuel prices are the highest since the week of March 9, when CPC charged NT$24.1 per liter for 92 octane unleaded, NT$25.6 per liter for 95 unleaded, NT$27.6 per liter for 98 unleaded, and NT$21.7 per liter for super diesel, CPC data showed.

According to the company, fuel prices rose this week due to China's record imports of crude oil in May and continued cuts to oil production by OPEC countries and their allies, 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$1.48 over the past week from US$38.85 per barrel to US$40.33 per barrel, the company said.

Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), announced an identical NT$0.8 per liter price hike Sunday, to take effect at 1 a.m. Monday.

After the adjustments, prices at FPCC gas stations will be NT$21.4 per liter for 92 octane unleaded, NT$22.8 per liter for 95 octane unleaded, NT$24.9 per liter for 98 octane unleaded, and NT$18.6 per liter for diesel.

(By Wu Po-wei and Chiang Yi-ching)

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