By: Lin Meng-ju and Frances Huang
Taipei, Jan. 29 (CNA) Domestic gasoline and diesel prices are expected to move higher next week to stop a three-week losing streak, pushing the benchmark 95 octane unleaded gasoline higher to return to the NT$20 (US$0.59) per liter mark, market sources said.
The expectations of higher domestic fuel prices came after international crude oil prices staged a rebound amid market speculation that the Organization of the Petroleum Exporting Countries (OPEC) will cut production to rein in the price plunge, the sources said.
Based on the rebound in crude oil prices Thursday, CPC Corp., Taiwan (中油) is likely to raise its gasoline and diesel prices by NT$0.9 liter next week, following a NT$0.1 cut per liter for gasoline and a NT$0.4 reduction for diesel this week, the sources said. [FULL STORY]