Formosa Petrochemical announces fuel price hike for next week

Focus Taiwan
Date: 2016/11/26
By: Yang Shu-min and Frances Huang

Taipei, Nov. 26 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel supplier in Taiwan, said Saturday that it will increase its gasoline and diesel prices again next week after international crude oil prices continued to rise this week.

Optimism toward a production cut by Organization of the Petroleum Exporting Countries (OPEC) eased fears of a supply glut among traders to push crude oil prices higher on the global market.

That led Formosa Petrochemical to announce price increases of NT$0.7 (US$0.02) per liter for gasoline and of NT$0.8 per liter for diesel next week, starting at 1 a.m. Monday.

Formosa Petrochemical will raising fuel prices for a second consecutive week after increasing gasoline and diesel prices this past week by NT$0.1 per liter.    [FULL  STORY]