Formosa Petrochemical to hike fuel price next week

2017/09/09 19:58:59 fontsize-small fontsize-default fontsize-big
Formosa Petrochemical to hike fuel price next week

Taipei, Sept. 9 (CNA) Formosa Petrochemical Corp. (台塑石化), a privately owned fuel supplier, said Saturday that it will raise domestic gasoline and diesel prices next week to reflect an increase in international crude oil prices.

The company said it will hike its gasoline prices by NT$0.4 (US$0.013) per liter and diesel prices by NT$0.5 per liter, effective 1 a.m. Monday.

After the adjustment, prices at Formosa Petrochemical gas stations islandwide will rise to NT$21.7 per liter for super diesel, NT$24.3 per liter for 92 octane unleaded, NT$25.7 per liter for 95 unleaded and NT$27.8 per liter for 98 unleaded, the company said.

Citing recent foreign media reports, Formosa Petrochemical said Saudi Arabia and Russia are considering a proposal to extend an existing deal on production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and other petroleum exporters, which prompted the international crude oil price hike.

Under the existing deal reached by OPEC and 11 non-members, including Russia, the cut of 1.8 million barrels a day in output will be extended to the end of the first quarter of 2018.

Formosa Petrochemical's main competitor, state-owned CPC Corp., Taiwan (中油), is expected to announce a similar price hike at noon on Sunday, to take effect 12 hours later.

(By Jeffrey Wu and Romulo Huang)

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