Sep 15, 2019GeneralComments Off on Fuel prices in Taiwan to rise this week
Taipei-Taiwan's two major fuel suppliers on Sunday announced prices increases for this week, citing a rebound in international crude oil prices as the trade tensions between China and the United States showed signs of easing.
State-run oil refiner CPC Corp., Taiwan said the price of its gasoline and diesel will increase by NT$0.50 per liter and NT$0.40 per liter, respectively, starting at midnight Sunday.
Following the adjustments, retail prices at CPC gas stations will be NT$26.8 (US$0.87) per liter for 92 octane unleaded, NT$28.3 per liter for 95 octane unleaded, NT$30.30 per liter for 98 octane unleaded, and NT$24.6 per liter for super diesel.
The price hike came amid signs of easing tensions between the U.S. and China on trade issues, and Saudi Arabia's decision to reduce oil production, which sent crude prices soaring last week.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula comprised of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude increased US$2.26 over the past week to US$60.73 per barrel, the company said.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical fuel price hikes, which will take effect at 1 a.m. Monday.
The privately-run FPCC said prices at its gas stations will be NT$26.8 per liter for 92 octane unleaded, NT$28.2 per liter for 95 octane unleaded, NT$30.3 per liter for 98 octane unleaded, and NT$24.4 per liter for diesel.