By: Huang Chiao-wen and Frances Huang
Taipei, May 2 (CNA) Gasoline and diesel prices in Taiwan will likely rise next week, the fourth consecutive weekly hike, as the pressure of an oversupply in the U.S. market has been assuaged to some extent, boosting international crude oil prices, according to market sources.
Based on a floating pricing mechanism used by state-owned oil supplier CPC Corp. (中油), domestic fuel prices could rise by NT$0.3 (US$0.01) per liter next week after a NT$0.3 rise for gasoline and NT$0.4 increase for diesel this week.
The CPC adjusts domestic fuel prices on a weekly basis based on a weighted oil price formula consisting of 70 percent Dubai crude and 30 percent Brent crude. [FULL STORY]