Fuel prices could spike next week

State-run petroleum refiner CPC Corp., Taiwan might raise its gasoline and diesel prices by NT$0.7 (US$0.02) and NT$0.8 per liter, respectively, next week after Iraq said it would cut its oil output.

With the hikes, prices at CPC-run gas stations countrywide will be NT$20.9 per liter for super diesel, NT$23.3 per liter for 92 octane unleaded, NT$24.8 per liter for 95 unleaded and NT$26.8 per liter for 98 unleaded.

A drop in world oil prices has slowed down after Iraq announced that it would join the Organization of Petroleum Exporting Countries (OPEC) in output cuts, bringing the price close to US$48 per barrel.

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. According to the latest data as of Nov. 23 on CPC's official website, the price had risen to US$46.05 per barrel from US$43.14 per barrel last week.

The actual adjustment of its gasoline and diesel prices will not be announced by CPC until Sunday noon.

Source: Focus Taiwan News Channel