By: Taiwan News, Staff Writer
Gasoline and diesel prices in Taiwan are expected to rise next week in the wake of a rebound in international crude oil prices amid geopolitical tension, market sources said Friday.
The impact of political concerns after the downing of a Russian military jet by Turkey near the Syrian boarder was offset to some extent by renewed concerns over a global supply glut, which capped a hike in domestic fuel prices, the sources said.
They said that state-owned CPC Corp., Taiwan is likely to raise gasoline and diesel prices by NT$0.2 (US$0.06) to NT$0.3 next week, following a decision to cut fuel prices by NT$0.7 this week.
CPC calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude. [FULL STORY]