By: Wei Shu and Frances Huang
Taipei, April 16 (CNA) Formosa Petrochemical Corp. (台塑石化), a private gasoline supplier in Taiwan, said Saturday that it will raise its fuel prices for next week in reflection of a strong rebound in international crude oil prices seen this week.
Formosa Petrochemical said that it will hike gasoline and diesel prices by NT$1.1 (US$0.03) per liter, effective from 1 a.m. Monday, after a cut of NT$0.2 per liter for gasoline and a reduction of NT$0.1 per liter for diesel this week.
International crude oil prices staged a rebound this week amid optimism that oil producing countries will reach an agreement to freeze production in a bid to reduce the impact from a supply glut and give a boost to oil prices, analysts said. [FULL STORY]