Taipei--State-owned oil refiner CPC Corp. Taiwan (??) said it will raise its domestic gasoline and diesel prices by NT$0.2 (US$0.007) per liter this week, starting at midnight Sunday.
After the price hike, prices at CPC gas stations countrywide will be NT$21.7 per liter for super diesel, NT$24.1 per liter for 92 octane unleaded, NT$25.6 per liter for 95 unleaded and NT$27.6 per liter for 98 unleaded, the company said.
It will be the company's second price hike in two weeks after an increase of NT$0.5 per liter for gasoline and NT$0.6 per liter for diesel last week.
The prices reflect a rise in international crude oil prices last week after the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers last Thursday agreed to extend oil output cuts for another nine months until March 2018.
A drop in United States oil stocks for the seventh consecutive week 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.
After the recent increase in international crude oil prices, CPC's average price of crude oil was calculated at US$52.44 per barrel this week, up from US$51.28 per barrel last week, according to its website.
CPC Corp.'s main competitor, privately owned fuel supplier Formosa Petrochemical Corp. (????), on Saturday announced similar price increases for this week.
Source: Focus Taiwan News Channel