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CPC, Formosa raise gas prices, Taisugar announces discount

State-run CPC Corp, Taiwan (CPC, 台灣中油), the nation's largest oil refiner, announced yesterday it would raise wholesale gasoline price NT$1.3 per liter and diesel prices NT$1.5 per liter to reflect rising oil prices.

The new rates went into effect at midnight yesterday.

The adjusted retail price for 98-octane unleaded gasoline is NT$29.10, 95-octane unleaded gasoline is NT$27.60, 92-octane unleaded gasoline is NT$26.90 and top-grade diesel oil is NT$23.90 per liter, the company said in a statement yesterday.

As soon as CPC announced its price hikes, smaller rival Formosa Petrochemical Corp (台塑石化) said it would increase its prices to match CPC's, effective 2am today.

Gasoline prices are very likely to climb further next week, as oil prices surged from US$56 last Monday to above US$63 on Monday -- the highest this year -- on tensions over Iran's nuclear plans and the detention of 15 British sailors.

Despite the price hikes by CPC and Formosa, state-run Taiwan Sugar Corp (Taisugar, 台糖) announced yesterday it would launch an promotional campaign to cut unleaded gasoline prices by NT$2 a liter for three days.

Starting 12am today until the end of Friday, consumers who fill up their gas tanks with unleaded gasoline at one of the nation's 68 Taisugar gas stations will get a discount of NT$2 per liter, Taisugar said in a statement yesterday.

Taisugar's discounted price tag is NT$27.10 for 98-octane unleaded gasoline, NT$25.60 for 95-octane unleaded gasoline and NT$24.90 for 92-octane unleaded gasoline.
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