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May 23, 2017

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CPC, Formosa Petrochem raise prices NT$0.4 a liter

Taiwan's two major refiners have raised gasoline and diesel prices, citing more expensive oil traded internationally.

CPC Corp. and Formosa Petrochemical this morning raised prices for both gasoline and diesel products by NT$0.4 a liter. With the price adjustment, state refiner CPC Corp. is selling 92-, 95- and 98-grade gasoline at NT$34.1, NT$35.6 and NT$37.6 a liter, respectively, and super diesel at NT$33 a liter.

Formosa Petrochemical, CPC's main competitor, is meanwhile offering its 92-, 95- and 98-grade products at NT$34, NT$35.6 and NT$37.8, respectively, and diesel at NT$33.

According to CPC, international oil prices have gone up on various factors, including fears of a shortage after rising tensions between Syria and Turkey.

The benchmark that CPC uses — an average between oil traded on Dubai and Brent indices — increased to US$111.34 per barrel, up US$1.98 from the US$109.36 of a week earlier. The New Taiwan dollar meanwhile stood at NT$29.398, weakening NT$0.008 from the NT$29.39 of the previous week. The figures translate into a price hike of 1.47 percent, or NT$0.4 a liter, for both local gasoline and diesel.

CPC stresses that oil prices go up and down and said it will continue to monitor prices carefully. It noted that Taiwan fuel prices are low compared to neighboring countries and urged the public to save on fuel and conserve energy.

The company also stressed that there are 112 CPC stations island-wide providing self-service pumps. Consumers using them can save NT$0.8 a liter on both fuel products.

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