State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline and diesel prices by NT$0.1 and NT$0.2 per liter respectively, after global crude oil prices rose further in expectation that demand would rise on a stronger US economy and reduced crude stockpiles.
It was the third straight week of price hikes by CPC to reflect increases in crude import costs.
Global crude oil prices climbed 1.09 percent, or US$1.14, to US$106.05 per barrel last week, compared with US$104.91 per barrel the previous week, CPC said.
CPC said the New Taiwan dollar’s appreciation of NT$0.134 last week versus the US dollar has helped offset some of the increase in import costs.
CPC’s sole rival, Formosa Petrochemical Corp (台塑石化), yesterday also said it would bump up prices of gasoline and diesel products by NT$0.1 per liter and NT$0.2 per liter.