The nation’s two oil refiners said yesterday they would raise domestic fuel prices by NT$0.3 per liter today to reflect rising crude oil prices caused by increased geopolitical tensions in the Middle East.
CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs increased by US$3.11 a barrel to US$120.53 last week from the previous week — the highest costs in the past nine months.
The New Taiwan dollar rose against the US dollar by NT$0.001 last week, which helped to partially offset the price rises in imported crude, the state-run company said in a statement.
Formosa Petrochemical Corp (台塑石化) said the rising prices reflected market concerns about rising tensions between Iran and the West.
The improving outlook for the eurozone debt crisis on a Greece rescue deal was also adding to price pressures in global crude oil last week, Formosa said.