State-run oil refiner CPC Corp, Taiwan (台灣中油), yesterday said it would raise gas and diesel prices by NT$0.1 per liter as global crude oil prices rose on the expectation that supply would fall amid rising tensions between oil-rich Iran and Western countries, and increasing demand from the US on an improving economic outlook.
The global crude oil price climbed 1.34 percent last week to US$109.06 a barrel from US$107.62 a barrel in the previous week, based on CPC’s pricing mechanism, the company said in a statement posted on its Web site.
The company said the relatively small increase was intended to assist the government maintain steady consumer prices.
Formosa Petrochemical Corp (台塑石化), the nation’s only private oil refiner, also announced an increase in gas and diesel prices of NT$0.1 per liter.
The new prices will take effect today.