By: Pan Tzu-yu and Emerson Lim
Taipei, July 14 (CNA) Taiwan's two major fuel suppliers on Sunday announced increases in fuel prices for the coming week, citing tensions in the Middle East and a halt in oil drilling operations in the Gulf of Mexico.
State-run oil refiner CPC Corp. Taiwan said it will raise gasoline and diesel prices by NT$0.40 per liter and NT$0.50 per liter, respectively, beginning midnight Sunday.
With the adjustment, retail prices at CPC gas stations will be NT$27.60 (US$0.88) per liter for 92 octane unleaded, NT$29.10 per liter for 95 octane unleaded, NT$31.10 per liter for 98 octane unleaded, and NT$25.60 per liter for super diesel.
CPC adjusts its fuel prices weekly based on changes in crude oil prices calculated using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.