Gasoline, diesel prices hit new highs

State-run CPC Corp, Taiwan (CPC, 台灣中油) raised wholesale gasoline and diesel prices to new highs yesterday. CPC raised wholesale prices of gasoline products by NT$0.1 per liter and diesel items by NT$0.2 per liter to reflect rising costs over the past week.

The new prices took effect at midnight last night. The hikes translate to NT$31.3 per liter for 98-octane unleaded gasoline, NT$29.8 for 95-octane unleaded gasoline, NT$29.1 for 92-octane unleaded gasoline, and NT$26.6 for premium diesel oil, the company said in a statement yesterday.

CPC said the hikes were made in accordance with 80 percent of price fluctuation of West Texas Intermediate crude oil traded on the New York Mercantile Exchange, which increased by 0.8 percent over the past week, it said in the statement.

Smaller private rival Formosa Petrochemical Corp (台塑石化) said it would increase its wholesale gasoline and diesel prices to match CPC's, effective at 2am today.

Benefiting from several price-cut promotions, state-run Taiwan Sugar Corp (Taisugar, 台糖) said yesterday that it would lower its gasoline prices by NT$2.2 per liter at most in its 68 gas stations. All of its stations are located in central and southern Taiwan.

The NT$2.2 per liter discount will be offered to drivers who buy NT$700 or more of gasoline and pay in cash from today to Aug. 11, Taisugar said in a statement.

Drivers buying NT$700 or more in gasoline and paying with a credit card would get NT$1.6 per liter off, Taisuger said.

Those spending less than NT$700 would get NT$1.6 per liter off if they paid cash, and NT$1 per liter off if they paid by credit card, the company said.

Taisugar's petroleum business division was established in October 2003 and finally broke even last year to be the most profitable sector among the company's eight units, the statement said, without giving figures.