State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline prices by NT$0.1 per liter.
It is the second consecutive weekly price hike by CPC.
Global crude oil prices inched up 0.28 percent to US$106.55 per barrel last week, compared with US$106.25 per barrel the previous week, amid concern about weaker demand for crude oil as US jobless claims grew at a faster-than-expected rate, while crude supplies increased after the US-based Chevron Richmond Refinery resumed operations after a disastrous fire nine months ago, CPC said.
Factoring in the depreciation of the New Taiwan Dollar against the US dollar, down NT$0.017 last week, prices for gasoline and diesel should rise 0.27 percent.
Formosa Petrochemical Corp (台塑石化) yesterday also announced a gasoline price rise of NT$0.1 per liter.
Diesel prices remain unchanged.