Taipei--State-owned oil refiner CPC Corp. Taiwan (??) said Sunday it will raise its domestic gasoline and diesel prices in the coming week by NT$0.5 (US$0.017) and NT$0.6 per liter, respectively, starting at midnight.
After the price hike, prices at CPC gas stations countrywide will be NT$21.5 per liter for super diesel, NT$23.9 per liter for 92 octane unleaded, NT$25.4 per liter for 95 unleaded and NT$27.4 per liter for 98 unleaded, the company said.
The prices reflect a rise in international crude oil prices this past week after Saudi Arabia and Russia, the world's two biggest oil producers, agreed on May 15 to extend oil output cuts for another nine months until March 2018.
A sixth consecutive weekly decline in United States oil stocks also pushed crude oil prices higher, CPC Corp. said.
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.
Due to the spike in international crude oil prices, CPC calculated the average price of crude oil based on the formula at US$51.28 per barrel leading to the hike in prices at the pump.
CPC Corp.'s main competitor, privately owned fuel supplier Formosa Petrochemical Corp. (????), announced similar price increases for the coming week on Saturday.
Source: Focus Taiwan News Channel