By: Tsai Yi-chu and Elizabeth Hsu
Taipei, Feb. 5 (CNA) The state-owned CPC Corp., Taiwan (中油) announced Sunday that it will increase
its diesel and gasoline prices by NT$0.1 (US$0.003) per liter with effect from midnight.
After the hike, fuel prices at CPC gas stations will be NT$22.7 per liter for super diesel, NT$25 per liter for 92 octane unleaded, NT$26.5 per liter for 95 octane unleaded, and NT$28.5 for 98 octane unleaded.
CPC calculates its weekly fuel prices based on a weighted oil price formula comprising 70 percent Dubai crude and 30 percent Brent crude (7D3B). The company’s data showed the average price per barrel of 7D3B at US$54.72 last week, representing a rise of US$0.47 from the previous week.
Crude oil prices dropped on the international market in the first few days of last week due to strong optimism about increased shale oil output in the United States and a spike in its commercial crude inventory by 6.466 million barrels for the week of Jan. 27, according to CPC. [FULL STORY]