Focus Taiwan
Date: 2016/05/14
By: Wei Shu and Frances Huang
Taipei, May 14 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned gasoline
Amid reduced worries over a global supply glut, a rebound in international crude oil prices prompted Formosa Petrochemical to raise gasoline and diesel prices by NT$0.3 (US$0.09) per liter, effective from 1 a.m. Monday. The oil supplier left its fuel prices unchanged for this week.
Formosa Petrochemical said that a fall in production in Canada and Nigeria and a drop in oil inventories in the U.S. market led to optimism toward the global oil market.
In addition, an International Energy Agency (IEA) report eased fears of a global oversupply, the company said. [FULL STORY]