CPC to hike domestic fuel prices from next week

Focus Taiwan
Date: 2016/06/26
By: Yang Su-min and Kay Liu

Taipei, June 26 (CNA) The state-owned CPC Corp. announced Sunday that it will raise domestic fuel prices from Monday, in its weekly price adjustments that reflect the movement of crude oil prices.

The global oil market saw a week of volatility caused by the United Kingdom’s June 23 referendum on its membership of the European Union, in which the country voted to leave.

Despite the fall in crude prices as a result of the U.K. vote results, the company’s price-setting formula — based on 70 percent Dubai crude and 30 percent Brent crude (7D3B) — showed a weekly uptick in crude prices, CPC said.

The 7D3B crude price rose by US$0.77 to US$46.96 per barrel from a week earlier, CPC noted.     [FULL  STORY]