The nation’s two refiners yesterday said they would increase their prices this week to reflect rising global crude oil prices.
The price hikes of NT$0.3 per liter for gasoline and NT$0.2 per liter for diesel products, effective today, came as global oil market sentiment was affected by Iran’s potential plans to hold military drills in the Strait of Hormuz early next year and the US economy showing a better-than-expected 3.1 percent growth in the third quarter, 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 percent last week.
The company’s weighted oil price formula showed prices rose US$1.36 per barrel to US$107.43 during the week, it said.
Formosa Petrochemical Corp (台塑石化) said it would follow suit by increasing fuel prices, citing a decrease in US crude oil inventories and fierce competition with CPC.