The nation’s two oil refiners yesterday said they would raise domestic gasoline and diesel prices after international crude oil prices rose last week as global demand climbed amid a cold winter in Europe.
Crude oil prices also moved higher last week after the latest US economic data showed an improvement in its unemployment situation, while worries about the eurozone debt problem lingered, both CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements.
CPC said its average crude oil costs increased by US$4.80 a barrel to US$114.75 last week from the previous week. Since the New Taiwan dollar appreciated against the US dollar last week, which helped to partially offset the price rises in imported crude, the state-run company said it would hike fuel prices by NT$0.4 a liter.
Formosa said it would also raise prices by NT$0.4 a liter, citing fierce competition with CPC.