State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said that it plans to raise gasoline and diesel prices by NT$0.2 per liter as global crude oil prices rose amid speculations about rising demand and supply fears in the Middle East because of geographic tensions.
The move would make it the nation’s second week of price increases, bringing domestic fuel prices to the highest in almost two months.
“Demand in the eastern US states, hit by winter storms, is expected to increase. While crude supply could be affected due to renewed tension between Lybia and South Sudan,” CPC said in a statement yesterday.
Global crude price climbed 1.06 percent, or US$1.13 per barrel, to US$107.12 per barrel last week, from US$108.13 in the prior week based on CPC’s pricing scheme.
As a result, domestic gas prices should have risen 0.78 percent after factoring in appreciation of the New Taiwan dollar, CPC said. The NT dollar rose NT$0.028 versus the US dollar, CPC said.
Formosa Petrochemical Corp (台塑石化) yesterday matched CPC’s gasoline and diesel prices.