Domestic fuel prices to be increased by NT$0.2 a liter

By Ted Chen, The China Post

TAIPEI, Taiwan — State-operated CPC Corp. (中油) yesterday announced that fuel prices will increase by NT$0.2 per liter, effective midnight.

Following the adjustment, per-liter fuel prices are expected to reach NT$34 for 92-octane gasoline, NT$35.5 for 95-octane gasoline, and NT$37.5 for 98-octane gasoline, with the price of premium diesel at NT$32.9 per liter.

CPC attributed the price hike to growing concern in international markets about escalating unrest observed throughout the Middle East, including persisting riots in Egypt and worsening conflict in Syria, which had rendered two major oil exporting ports inoperable.

In addition, oil prices are pressured upward by concurrent cyclical factors such as the traditional surge in consumption during the summer season, said the company.

The company stated that its floating oil price index, calculated as the sum of 70 percent Dubai Crude and 30 percent Brent Crude, reached US$108.37 per barrel, up US$1.03 from the US$107.34 per barrel price seen the previous week, while the New Taiwan dollar weakened NT$0.066 against the greenback. Based on these results the company deemed a price hike of 0.95 percent, or NT$0.2 per liter, appropriate to reflect fluctuations in the international markets.

The state-operated enterprise reiterated that it strives to keep fuel prices low in comparison with Taiwan’s neighboring countries. The company urged the public to be mindful that oil prices are subject to volatility in the international markets, while advising consumers to utilize self-service gas stations pumps to take advantage of discounts.