People in Taiwan are bracing for higher fuel costs in the first week of this year after the nation’s two oil refiners announced yesterday they would raise domestic fuel prices to reflect a rise in international costs.
State-run CPC Corp, Taiwan (CPC, 台灣中油) and privately owned Formosa Petrochemical Corp (台塑石化) said they would increase wholesale gasoline and diesel prices by NT$0.8 per liter, effective today.
“This week, global oil prices continued to climb higher as a result of declining US inventories of oil products, increasing fuel demand amid cold weather and rising tension in the Middle East,” Formosa said in a statement.
The two companies said they would also stop offering preferential rates for gasoline products for residents of areas affected by Typhoon Morakot.
CPC yesterday also announced price hikes in this month’s wholesale prices of liquefied petroleum gas (LPG), effective today.
LPG products such as household LPG, propane and butane, as well as propane/butane mixes, will all go up by NT$2.5 per kilogram, while automotive LPG will increase by NT$1.4 per liter, CPC said in its statement.
CPC said household LPG should have increased by NT$6.2 per kilogram based on the company’s own calculation, but the company wanted to ease people’s financial burden.
Therefore, “the price of a 20kg household gas cylinder is expected to increase by NT$50,” CPC said in the statement.
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