By: Tsai Yi-chu and Frances Huang
Taipei, Dec. 3 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel supplier in Taiwan, said on Saturday that it will increase gasoline and diesel prices after crude oil prices in the U.S. market posted the biggest weekly gains in more than five years.
Crude oil prices continued an uptrend in the wake of an agreement to cut production reached by the Organization of the Petroleum Exporting Countries (OPEC) earlier this week, which led Formosa Petrochemical to increase gasoline and diesel prices by NT$0.3 (US$0.009) per liter next week, starting at 1 a.m. on Monday.
Formosa Petrochemical will raise fuel prices for the third consecutive week after increasing gasoline and diesel prices by NT$0.7 and NT$0.8 per liter, respectively, the previous two weeks. [FULL STORY]