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August 24, 2017

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95-octane gas may rise above NT$35 a liter on Ukraine woes

TAIPEI, Taiwan -- The price at local 95-octane gas pumps may exceed NT$35 a liter next week, thanks to the Ukraine crisis and consequent higher oil prices.

As the tension between Ukraine and Russia heightened, international oil prices have gone up to a record high in six weeks.

The state-owned oil refinery CPC Corp. is likely to hike the gasoline and diesel prices by NT$0.4 and NT$0.5 per liter, respectively.

After the adjustment, the prices for 92-octane, 95-octane and 98-octane unleaded gasoline at CPC Corp. stations will stand at NT$33.8 a liter, NT$35.3 a liter and NT$37.3 a liter, respectively, while the price of diesel will come in at NT$32.7 per liter.

CPC Corp. is expected to announce the price adjustment on Sunday at noon and the change will take effect next Monday.

Privately run oil refiner Formosa Petrochemical is expected to follow suit, after which, the prices for its 92-octane, 95-octane and 98-octane unleaded gasoline may stand at NT$33.7 a liter, NT$35.3 a liter and NT$37.5 a liter, respectively, while the price of diesel will come to NT$32.7 per liter.

According to CPC Corp's latest data, the week's 7D3B (70 percent Dubai and 30 percent Brent crude) price index was at an average of US$106.65 per barrel, up US$2.12 from last week's US$104.53.

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