Taipei-State-owned oil refiner CPC Corp., Taiwan will raise its domestic gasoline prices but will leave diesel prices unchanged this week at CPC gas stations nationwide.
CPC said Sunday that its gasoline will be increased by NT$0.1 (US$0.0034) per liter, effective from midnight. It will be the sixth consecutive week of increases.
Prices islandwide will stay unchanged at NT$25.1 per liter for super diesel, but will rise to NT$27.2 per liter for 92 octane unleaded, NT$28.7 per liter for 95 unleaded and NT$30.7 per liter for 98 unleaded, the company said.
The increase was mainly due to geopolitical tension in Nigeria that could affect its supply of crude oil and also to continuing cuts in production by the Organization of the Petroleum Exporting Countries, according to CPC.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Based on the latest increases in crude prices, CPC has calculated the average price of crude oil at US$67.43 per barrel, an increase of US$0.37 from a week earlier, according to its website.
Source: Focus Taiwan News Channel