State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it will hike gasoline and diesel prices by NT$0.4 and NT$0.5 per liter as US data boosted global crude prices.
The US signs helped offset effects from tension in Ukraine after talks to resolve its dispute with Russia, CPC said on its Web site.
The price hikes will bring domestic fuel prices to their highest level in about six weeks.
Global crude oil prices climbed 2.03 percent to US$106.65 per barrel last week, compared with US$104.53 in the prior week, CPC pricing information showed.
Factoring in the erosion of the New Taiwan dollar, which depreciated NT$0.021 versus the US dollar last week, local fuel prices should rise 1.68 percent weekly, CPC said.
Following CPC’s move, Formosa Petrochemical Corp (台塑石化), the nation’s private oil refiner, said it will also raise gasoline and diesel prices by NT$0.4 and NT$0.5 per liter respectively.