State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.2 per liter as anti-military protests in Egypt and strikes by security guards at two ports in Libya caused crude oil prices to surge. The new rates take effect today.
It is the second consecutive weekly price hike by CPC, according to the company’s statement.
Global crude oil prices increased to US$108.37 per barrel last week, from US$107.34 the previous week, amid market expectation that crude oil supply in the Middle East might decrease due to recent revolts in the region, CPC said in the statement.
Rising costs are also due to strong demand for crude oil in summer and the appreciation of New Taiwan dollar against the US dollar by NT$0.066 last week, the company said.
Formosa Petrochemical Corp (台塑石化) yesterday said it would also raise fuel prices by NT$0.2 per liter.