Fuel prices in Taiwan to rise NT$0.3 per litre

22-Jan-2019 Intellasia | Focus Taiwan | 6:00 AM Print This Post

Gasoline and diesel prices in Taiwan will increase by NT$0.3 (US$0.01) per litre this week, continuing a rising streak for the third consecutive week, due to a surge in international crude oil prices, Taiwan’s two major suppliers said Sunday.

State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, fuel prices at its gas stations nationwide will be NT$26.4 per litre for 92 octane unleaded, NT$27.9 per litre for 95 unleaded, NT$29.9 per litre for 98 unleaded and NT$24.2 per litre for super diesel.

Fuel prices at CPC gas stations nationwide fell to their lowest in 15 months in the week starting midnight December 30, when the prices were NT$24.5 per litre for 92 unleaded, NT$26 per litre for 95 unleaded, NT$28 per litre for 98 unleaded and NT$22.2 per litre for super diesel.

However, following a hike in international crude oil prices, this is the third week in a row that CPC has raised its fuel prices, increasing gasoline and diesel prices by a total of NT$1.9 and NT$2.0, respectively, since the beginning of this year.

International crude oil prices continued to rise last week as Organisation of Petroleum Exporting Countries (OPEC) members and major non-OPEC producers agreed to collectively cut output and Khalid al-Falih, energy minister of Saudi Arabiathe world’s largest exporter of crude oilreiterated that he is positive OPEC and its partner nations will meet their production cut commitments to balance oil markets in 2019.

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.

Based on fluctuations in international crude oil prices, CPC calculated the average price of crude oil at $59.79 per barrel last week, up from $58.47 a week earlier, according to its website.

Meanwhile, CPC’s main competitor, privately owned Formosa Petrochemical Corp., announced identical price increases, to take effect at 1 a.m. Monday.

After the adjustments, prices at Formosa gas stations nationwide will be NT$26.4 per litre for 92 unleaded, NT$27.8 per litre for 95 unleaded, NT$29.9 per litre for 98 unleaded and NT$24.0 per litre for super diesel, the company said.

http://focustaiwan.tw/news/aeco/201901200008.aspx

 


Category: Taiwan

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