The state-run oil refiner CPC Corp Taiwan (CPC, 台灣中油) yesterday said it would hike gasoline and diesel prices by NT$0.1 per liter after rising global crude price pushed up costs.
Crude oil prices rose about 2.1 percent to US$110.89 per barrel last week, compared to US$108.61 per barrel in the previous week, according to a CPC statement posted on its Web site.
In order to help the -government counter the inflation risk, CPC said it did not fully reflect the increase in the cost of importing crude oil.
Originally, CPC would have raised prices by NT$0.3 per liter based on its own pricing scheme after factoring in the New Taiwan dollar’s appreciation of NT$0.189 against the US currency.
Matching CPC’s price hikes, private oil refiner Formosa Petrochemical Corp (台塑石化) said it would increase gasoline and diesel prices by NT$0.1 per liter.