CPC, Formosa raise gasoline & diesel prices by NT$0.2 a liter

CPC Corp. and Formosa Petrochemical this morning hiked gasoline and diesel prices by NT$0.2 a liter. With the price adjustment, CPC Corp., the state refiner, is selling 92-, 95- and 98-grade gasoline at NT$33.5, NT$35 and NT$37 a liter, respectively, and super diesel at NT$32.3 a liter.

Formosa Petrochemical, CPC's main competitor, is meanwhile offering its 92-, 95- and 98-grade products at NT$33.4, NT$35 and NT$37.2, respectively, and diesel at NT$32.3.

According to CPC, international oil prices have gone up on various factors, including the White House and the U.S. Congress reaching a deal to solve the country's fiscal cliff crisis. The price increase also came after improving U.S. economic figures.

The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, rose to US$109.08 per barrel, up US$1.23 from the US$107.85 a week earlier. The New Taiwan dollar, meanwhile, rose NT$0.028 last week against the greenback. The figures translate into a price increase of 0.83 percent, or NT$0.2 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 lower compared to neighboring countries and urges the public to save on fuel and conserve energy.

The company also reminded that there are 112 CPC stations island-wide providing self-service pumps, through which consumers can save NT$0.8 a liter. The public is encouraged to use those pumps, CPC said.

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