Economy

Taiwan Raises Fuel Prices as Oil Tops US$100

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By TaiwanPlus

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Fuel prices in Taiwan rose on Monday after spreading hostilities in the Middle East pushed global crude oil prices above US$100 per barrel. Iran and its allies continued to squeeze routes for exporting oil over the weekend. Yemen’s Houthis took control of areas along the Red Sea, while Saudi Arabia shut down a pipeline following a drone attack. Taiwan’s state-owned CPC says its crude oil costs rose more than 12% last week alone and raised prices for 95-octane unleaded gasoline to more than US$1 per liter. Analysts say oil prices could remain elevated in the long run.

Taiwan Hikes Fuel Prices

REPORTER:  
Prices at the pump went up in Taiwan on Monday, after spreading hostilities in the Middle East sent oil prices over $100 US dollars per barrel.  
Iran and its allies continued to squeeze routes for exporting oil over the weekend. Yemen’s Houthis took control of areas along the Red Sea, and Saudi Arabia shut down a pipeline following a drone attack.  
Taiwan’s state-owned CPC says its crude oil costs rose over 12% last week alone and raised prices for 95-octane unleaded gasoline to more than one US dollar per liter. Analysts say oil prices could stay elevated in the long run.

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Title: Taiwan Raises Gasoline Prices After Oil Surge

REPORTER:  
Taiwan’s main refiners hiked fuel prices at the pump on Monday, after international oil prices jumped due to worsening conditions in the Middle East.  
Yemen’s Houthi movement over the weekend said it had taken over major cities along the Red Sea coast, while Saudi Arabia reported damage from attacks by the group. That squeezes one of the last remaining routes for oil out of the Middle East. The kingdom also closed down a crucial pipeline on Friday following a drone attack.  
Taiwan’s state-owned CPC raised its recommended price to 32.7 New Taiwan dollar, or just over 1 US dollar per liter for 95 unleaded, the first time in six months. The company says its crude oil costs rose over 12% last week alone. Analysts fear oil prices could stay higher for a long period.