State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will raise gasoline and diesel prices by NT$0.2 per liter as global crude oil prices rose after the US averted its “fiscal cliff” and a potential economic recession.
Global crude oil prices rose 1.14 percent, or US$1.23, to US$109.08 per barrel last week, compared with US$107.85 per barrel the previous week, CPC said in a statement posted on its Web site.
CPC said the New Taiwan dollar’s appreciation of NT$0.028 versus the US dollar last week has helped slightly ease the impact of the rise in crude oil import costs.
Prices for gasoline and diesel products are likely to go up by 0.83 percent on average this week, without accounting for taxes, CPC said.
CPC’s sole rival, Formosa Petrochemical Corp (台塑石化), yesterday said it would raise the prices of its gasoline and diesel products by NT$0.2 per liter.