CPC raises gasoline and diesel prices

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday raised its wholesale gasoline price by NT$0.8 per liter and its diesel price by NT$0.9 per liter to reflect surging oil prices.

The new rates went into effect at midnight.

The adjusted retail price for 98-octane unleaded gasoline rose to NT$29.6 per liter, while 95-octane unleaded gasoline rose to NT$28.1, 92-octane unleaded gasoline to NT$27.4, premium diesel oil to NT$24.7 and regular diesel to NT$24.2, the company said in a statement released yesterday.

The adjustment was made in accordance with an 80-percent fluctuation in the price of West Texas Intermediate crude oil traded on the New York Mercantile Exchange, which rose by 4.88 percent over the past week, CPC said.

Rival Formosa Petrochemical Corp (台塑石化) was expected to raise its prices to match those of CPC, effective from 2am today.