State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it was raising prices for gasoline and diesel products by NT$0.4 per liter and NT$0.5 per liter after costs rose on higher crude oil prices.
CPC said “the US dollar weakened after the US Federal Reserve unveiled a new monetary easing plan recently, leading to a rise in global crude oil,” according to a statement posted on its Web site yesterday.
The price of global crude oil jumped 2.28 percent, or US$2.73, to US$83.54 per barrel last week from NT$80.81 a week ago, CPC said, citing the company’s own calculating mechanism.
Formosa Petrochemical Corp (台塑石化), the nation’s only -private-run oil refiner, yesterday also said it will hike gasoline and diesel prices, following in CPC’s footsteps.
The new prices will take effect today.