State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline prices by NT$0.1 per liter as the weak local currency increased crude oil import costs.
That marked the fourth consecutive week of price hikes, bringing gasoline prices to their highest level since April 8, according to price data posted on CPC’s Web site.
The New Taiwan dollar dropped by NT$0.123 to NT$30.068 against the US dollar last week, offsetting a 0.04 percent decline in global crude oil prices.
Global crude oil prices fell to US$105.99 per barrel last week, from US$106.03 per barrel the previous week, on expectations that demand would pick up after the US posted stronger-than-expected GDP growth of 1.7 percent for last quarter, according to CPC’s statement.
Formosa Petrochemical Corp (台塑石化) yesterday said it would raise gasoline prices by NT$0.1 per liter and keep diesel prices unchanged.