Fuel prices set to rise slightly after decline of Taiwan dollar


CNA

TAIPEI–Domestic retail prices for gasoline and diesel will rise by NT$0.1 (US$0.003) per liter to end a 15-week slide because of the Taiwan dollar’s recent weakness against the U.S. dollar, Taiwan’s state-owned oil company said Sunday.

Starting midnight Monday, the new prices will be NT$23.0 per liter for super diesel, NT$25.0 per liter for 92 octane unleaded gasoline, NT$26.5 per liter for 95 octane unleaded gasoline and NT$28.5 per liter for 98 octane unleaded gasoline, the website of CPC Corp., Taiwan, stated.

Despite growing U.S. oil reserves and the falling international crude oil prices, the recent drop in the Taiwan dollar against the U.S. dollar will raise Taiwan’s oil purchasing costs and lead to a hike in domestic fuel prices, CPC Corp. pointed out.

Fuel prices in Taiwan are based on weekly changes in the weighted crude oil price index, consisting of 70 percent Dubai crude and 30 percent Brent crude.

CPC Corp. said the index fell by US$0.03 per barrel from the previous week to US$57.72, while the Taiwan dollar fell NT$0.344 against the U.S. dollar, translating into a 0.83 percent increase in local fuel prices.