The nation’s two oil refiners said yesterday that they would raise domestic gasoline and diesel prices by NT$0.30 per liter and NT$0.40 per liter respectively, effective today.
CPC Corp Taiwan (台灣中油) said global crude oil prices rose last week on the back of upbeat expectation of global economic growth and a decrease in US crude oil inventories.
CPC said in a press release that its average crude oil costs increased by 1.24 percent last week from the previous week.
The firm’s oil price formula — 70 percent Dubai crude and 30 percent Brent crude — rose by US$1.12 per barrel to US$105.64 during the week, CPC said.
Formosa Petrochemical Corp (台塑石化) said the higher crude oil consumption for this year estimated by the International Energy Agency, as well as rising fuel demand amid cold weather in the US, have boosted market sentiment and lifted oil prices for the week.