State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.2 per liter as crude oil prices rose after the US implemented more sanctions against Iran, one of the world’s major oil exporters.
A decline in US oil reserves also contributed to the price increase, CPC said in a statement released yesterday.
The second consecutive weekly price hike would bring the nation’s fuel prices to the highest since June 4, according to the price information posted on CPC’s Web site.
Global crude oil prices inched up 0.61 percent, or US$0.59, to US$97.88 per barrel last week, from US$97.29 in the prior week, based on CPC’s pricing mechanism, which raised the refiner’s cost.
Formosa Petrochemical Corp (台塑石化), the nation’s only privately run oil refiner, yesterday said it would also hike gasoline and diesel prices by NT$0.2 per liter.