Domestic fuel prices to rise slightly next week

State-run fuel supplier CPC Corp., Taiwan (??) announced Sunday that it will raise gasoline and diesel prices by NT$0.1 (US$0.003) for the coming week to reflect a slight rise in international crude oil prices.

With the hike, prices at the pump after midnight will stand at NT$23.4 per liter for 92 octane unleaded, NT$24.9 per liter for 95 unleaded, NT$26.9 per liter for 98 unleaded, and NT$20.9 per liter for super diesel.

The state-run oil company calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude.

Based on that weekly floating price formula, the price per barrel of crude oil was US$46.85 as of Aug. 26, up from US$46.82 the previous week, following the latest increase in international crude prices, the CPC website shows.

On Saturday, CPC's smaller rival, Formosa Petrochemical Corp. (????), a privately owned fuel supplier, announced a hike in its domestic gasoline and diesel prices by the same margin, effective from 1 a.m. Monday.

After the adjustment, fuel prices at the company's gas stations nationwide will elevate to NT$20.6 per liter for super diesel, NT$23.3 per liter for 92 octane unleaded, NT$24.8 per liter for 95 unleaded and NT$27.1 per liter for 98 unleaded.

Source: Focus Taiwan