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]