CPC announces gasoline price increase

State-run CPC Corp, Taiwan (CPC, 台灣中油) will raise wholesale gasoline prices by NT$0.3 per liter and diesel prices by NT$0.2 per liter, after prices of West Texas Intermediate crude oil rose 1.24 percent in New York over the past week.

The CPC's all-time high rates went into effect today, with NT$30.8 for 98-octane unleaded gasoline and NT$26 for premium diesel oil, the company said yesterday.

Private rival Formosa Petrochemical Corp (台塑石化) would match CPC's price adjustment, with new rates taking effect at 2am.

With gasoline prices rising all the time, the Consumers' Foundation (消基會) urged the government to suspend the floating price mechanism.

Minister of Economic Affairs Steve Chen (陳瑞隆) said the measure will continue unless international oil prices rally to an "unreasonable level."