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TAIPEI, June 1 Asia Pulse - Oil prices in Taiwan may be higher next week due to the depreciation of the new Taiwan dollar and the rising cost of crude oil, said an official of the state-owned Chinese Petroleum Corp (CPC).
The official, who spoke on condition of anonymity, said the decision is based on a recent CPC marketing evaluation.
However, in the face of rising domestic oil competition, both CPC and Formosa Petroleum Corp. are reluctant to take the initiative in raising domestic oil prices, the official explained, adding that if the rise goes ahead, the adjustment will not exceed NT$0.3 per liter.
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Source: HighBeam Research, OIL PRICES MAY RISE IN TAIWAN NEXT WEEK:CPC OFFICIAL.