The nation’s two oil refiners yesterday announced their first price increases this month for domestic fuel products.
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said they would increase the prices for gasoline by NT$0.1 per liter and NT$0.2 per liter for diesel this week from last week, effective today.
CPC said its average crude oil costs rose US$0.35 per barrel to US$104.86 last week from the previous week, due to concerns about Nigerian and Libyan oil supplies, as well as positive market sentiment toward the US economy.
With the NT dollar depreciating NT$0.113 against the US currency last week, the firm’s weighted oil price formula showed a 0.57 percent increase in the week, CPC said.
Formosa Petrochemical said global oil prices also rose last week amid geopolitical concerns in Ukraine and worries over lower gasoline inventories in the US.