CPC to raise price of diesel but not gas

The state-owned petroleum refiner, CPC Corp., Taiwan, announced Sunday that it will increase the price of its diesel by NT$0.1 per liter this week but will not raise gasoline prices.

The price hike will take effect at midnight Sunday, the company said, adding that it was based on a moderate rise in international crude oil prices to between US$54 and US$55 last week.

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 (7D3B). The company's data showed the average price per barrel of 7D3B oil at US$54.57 last week, up from US$54.06 a week earlier.

Based on the floating oil price formula, CPC said, its gasoline prices will remain unchanged this week, while diesel prices will be NT$0.1 per liter higher, CPC said.

Starting midnight Sunday, prices at CPC-run gas stations countrywide will be NT$23.1 per liter for super diesel, NT$25.3 per liter for 92 octane unleaded, NT$26.8 per liter for 95 unleaded and NT$28.8 per liter for 98 unleaded, the company said.

On Saturday, the privately owned fuel supplier, Formosa Petrochemical Corp., announced similar price adjustments, which will take effect from 1 a.m. Monday.

Prices at Formosa Petrochemical gas stations islandwide this week will be NT$22.8 per liter for super diesel, NT$25.2 per liter for 92 octane unleaded, NT$26.7 per liter for 95 unleaded and NT$29.0 per liter for 98 unleaded, according to the company.

Over the past week, U.S. crude oil inventories for commercial use have decreased, following an agreement by the Organization of the Petroleum Exporting Countries and other oil exporters to cut production.

Source: Focus Taiwan News Channel