The nation’s two refiners yesterday said they would increase domestic gasoline and diesel product prices for the second consecutive week this week to reflect rising global crude oil prices.
The price hikes of NT$0.4 per liter for gasoline and diesel products, effective today, came as global oil market sentiment was affected by the military conflict in the Middle East and a decrease in US crude oil inventories, state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement.
CPC said its average oil costs increased by 1.5 percent last week. The company’s weighted oil price formula showed prices rose US$1.92 per barrel to US$109.27 during the week, it said.
Formosa Petrochemical Corp (台塑石化) said in a separate statement it would follow suit by increasing fuel prices by NT$0.4 per liter, citing the short-term outlook for global crude oil prices and fierce competition with CPC.