Domestic fuel prices could rise after Dragon Boat Festival

Focus Taiwan
Date: 2016/06/10
By: Lin Meng-ju and Frances Huang

Taipei, June 10 (CNA) Domestic gasoline and diesel prices might go up Monday at the end of the 201606100007t0001four-day Dragon Boat Festival holiday, in reflection of further gains posted by international crude oil prices this week, market sources said Friday.

The higher international crude oil prices reflected worries over global supply after a militant group sabotaged oil production facilities in Nigeria, a major oil producer, while the upturn was offset to some extent later, with some traders locking in their earlier profits, the sources said.

Based on the crude oil price fluctuations, state-owned CPC Corp. Taiwan (中油) might raise its gasoline and diesel prices by NT$0.2 (US$0.006)-NT$0.3 per liter next week, the sources said. CPC hiked diesel prices by NT$0.1 per liter and left gasoline prices unchanged this week.

The state-run company 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]

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