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May 23, 2017

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Drivers told to fill 'er up ahead of gas price hike

Motorists and motorcyclists are being told to refill their gas tanks today or tomorrow to beat an imminent fuel price increase.

State-owned CPC Corp., Taiwan is expected to raise gasoline and diesel prices next week for the third weekly price increase to reflect the rising costs of imported crude oil on the international market.

Some market analysts said CPC is likely to increase the fuel prices on the domestic market by around NT$0.8 per liter beginning Monday.

Gas stations and Formosa Petrochemical Corp., the only oil refinery in the private sector in Taiwan, are expected to mark up price tags based on the CPC price hikes for major fuel products.

Following the price increases, the new retail price for 92-grade unleaded gasoline is expected to go up to NT$32.80 per liter, compared with NT$33.30 per liter for 95-grade gasoline, NT$36.30 per liter for 98-grade gasoline, and NT$31.50 for super diesel.

Statistical data compiled by CPC show that based on the price-adjusting formula of "70-percent Dubai oil price + 30-percent Brent oil price," the company's weekly import cost for crude oil already rose by US$3 per barrel to US$101.47 as of July 18 from the level of US$97.88 one week earlier.

For the current week, gasoline and diesel prices rose by NT$0.2 per liter in accordance with the domestic floating pricing mechanism based on crude oil price fluctuations.

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