By: Wei Shu and Frances Huang
Taipei, May 14 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned gasoline supplier in Taiwan, said Saturday that it has decided to raise its gasoline and diesel prices for next week in reflection of higher international crude oil prices.
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]