Drivers to be hit in pocket by new fuel price hikes from Monday

Focus Taiwan
Date: 2016/05/01
By: Huang Chiao-wen and Kay Liu

Taipei, May 1 (CNA) Drivers are expected to have to pay NT$25 (US$0.77) more to fill a 50-liter


tank after state-owned oil refiner CPC Corp. hikes fuel prices from Monday, the third weekly rise in a row.

Gasoline prices will rise by NT$0.5 per liter to NT$22.6 for 92 octane unleaded, NT$24.1 for 95 unleaded, and NT$26.1 for 98 unleaded, while the premium diesel price will reach NT$20.1 per liter after an increase of NT$0.6, according to an announcement made Sunday by CPC.

The prices, adjusted weekly based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent crude, have been set due to higher crude prices and a weaker Taiwan dollar, said CPC, which supplies 70 percent of the gas stations in Taiwan.

On Saturday, CPC’s main rival, Formosa Petrochemical Corp., a private refiner, announced increases in fuel prices from 1 a.m. Monday by the same margin.     [FULL  STORY]

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