State-owned oil refiner CPC Corp, Taiwan (CPC,台灣中油) yesterday said it would increase prices for gasoline and diesel by NT$0.3 per liter to partly reflect rising costs, after global oil prices soared to nearly US$100 per barrel last week amid reduced supply and speculative purchases.
This is the first price increase since Jan. 31, CPC said. CPC said the New Taiwan dollar’s depreciation of NT$0.269 against the US dollar also pushed up the cost of imported oil, according to a statement posted on its Web site.
Global oil prices surged to US$99.77 per barrel last week from US$97.69 per barrel a week earlier, which should have led to a 2.46 percent price increase — NT$0.5 per liter for gasoline and NT$0.6 per liter for diesel products, CPC said.
The oil refiner said the lower price hikes were part of an effort to assist the government in its attempts to rein in rising consumer prices.