The nation’s two oil refiners yesterday said they were increasing prices for both gasoline and diesel fuel by NT$0.2 per liter for this week, effective today, after gas price hikes were put on hold last week because of Typhoon Fanapi.
CPC Corp, Taiwan (台灣中油) said in a press release that demand for crude oil in emerging markets remained strong, prompting global oil prices to rise US$1.28, or 0.83 percent, from a week earlier to US$76.44 per barrel this week.
However, the refiner said that the adjusted fuel prices still remain the lowest among the nation’s neighboring Asian countries.
Formosa Petrochemical Corp (台塑石化) said in a separate statement that international oil prices were bolstered by strong economic data in Asian countries, rising US leading economic indicators and a rebound in the global real estate market.
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i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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