Gasoline and diesel prices to rise by NT$0.4 starting today
By John Liu, The China Post
February 17, 2014, 12:02 am TWN
TAIPEI, Taiwan -- Effective today, gasoline and diesel prices will rise by NT$0.4, state-run oil company CPC Corp. announced yesterday.
After the adjustment, the prices for 92-octane, 95-octane and 98-octane unleaded gasoline at CPC Corp. stations stand at NT$33.8 a liter, NT$35.3 a liter and NT$37.3 a liter respectively, while the price of diesel comes in at NT$32.7 per liter.
Formosa Petrochemical, another privately run oil refiner, is also following the NT$0.4 upward adjustment. Starting at 1 a.m. today, Formosa is selling its 92-octane, 95-octane and 98-octane unleaded gasoline at NT$33.7 a liter, NT$35.3 a liter and NT$37.5 a liter respectively, while the price of diesel comes in at NT$32.7 per liter.
The freezing winter temperatures in the U.S. resulted in more use of heating oil, causing oil prices to rise. In addition, the U.S. Fed is expected to continue its quantitative easing measure, which also caused oil prices to rise, CPC said.
This week's 7D3B (70 percent Dubai and 30 percent Brent crude) price index was at an average of US$106.31 per barrel, up US$2.28 from last week's US$104.03, CPC said, adding that the New Taiwan Dollar appreciate NT$0.041 against the greenback.
Following a domestic gasoline calculation formula, prices of gasoline and diesel rose NT$0.4, which is equivalent to 1.64 percent, the CPC said.