The nation’s two refiners yesterday said they would increase domestic gasoline prices by NT$0.9 per liter and diesel prices by NT$1.0 a liter this week, the third straight week of price increases. The new rates take effect today.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said that their latest price adjustment reflected the still-tense situation in the Middle East and continued concern about Iran’s threat to close the Strait of Hormuz.
Prices also rose because of the decline in US crude oil inventories amid growing demand in the high season, as well as positive market sentiment after the latest economic data showed the US economy continues to recover, the two refiners said in separate statements.
Based on CPC’s pricing mechanism, its average oil costs rose by US$4.75 per barrel to US$102.63 per barrel last week from the previous week.