The nation’s two oil refiners said yesterday they would raise wholesale gasoline and diesel prices, effective today, after global crude oil prices rose slightly for the week.
Having cut prices for two weeks in a row, the 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$0.3 per liter for this week.
“Earlier [last] week, global crude oil prices rose on positive US economic data and rising stock prices,” Formosa said. “While oil prices slid again because of a strengthening US dollar amid eurozone debt default concerns, the average prices remained higher than the previous week’s.”
CPC said its weekly price adjustment was made using the company’s floating price mechanism, which showed a rise of 1.32 percent in its crude oil costs of US$72.99 per barrel on average last week from US$72.04 the previous week.
CPC said it would not adjust domestic oil prices throughout the Lunar New Year holiday, which begins on Saturday, and planned to announced new rates on Feb. 28.
However, the company said it might make another adjustment sometime this week if global price fluctuations are too big because of the eurozone debt problems.
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