Fuel prices rise after 5-week drop over optimism about US impasse
The China Post news staffTAIPEI, Taiwan -- Both of Taiwan's two oil refiners raised prices for their fuel products on the domestic market for the week starting today. This is the first price increase after declines for five consecutive weeks.
October 14, 2013, 12:13 am TWN
Executives at CPC Corp., Taiwan, a state-owned enterprise, said yesterday that the suggested retail prices for the company's 92-, 95- and 98-grade unleaded gasoline will go up by NT$0.3 per liter to NT$33.60, NT$35.10 and NT$37.10 a liter, respectively.
The company's super diesel price will be increased by NT$0.20 per liter to NT$32.40.
The executives attributed the price rises to climbing crude oil import costs on the international markets, caused by factors like the renewed optimism about breaking the impasse over raising the government debt limit at the United States Congress.
Other market developments included new political turmoils in Libya like the abduction incident involving the prime minister of the Middle Eastern nation.
More of energy traders were concerned that such events could have negative impact on the stability for the supply of crude oil.