State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday said it is pumping up gasoline and diesel retail prices by NT$0.4 and NT$0.5 per liter respectively, to cope with further increases in global oil prices, ending three consecutive weeks of price cuts.
The adjustment matched the 2.44 percent rebound in global oil prices based on the company’s pricing mechanism, CPC said in a statement. The explosion and fire on an oil platform in the Gulf of Mexico late last month has helped raise global oil prices, CPC said.
Formosa Petrochemical Corp (台塑石化) yesterday also said it is raising gasoline and diesel prices by NT$0.4 and NT$0.5 per liter respectively.
It said better manufacturing data in the US and China, indicating an improving economic recovery, has pushed oil prices higher for a second week in a row.
The new price tariffs take effect today.
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