State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline and diesel prices by NT$0.1 per liter beginning today, as global crude oil prices edged up following the European Central Bank’s (ECB) announcement of expanded quantitative-easing measures.
CPC said that during the past week, international crude oil prices initially declined after production in Iraq reached a record high, but then rose after the ECB said it would boost its bond-buying program in March.
Oil prices also went up last week from the previous week following the news of the death of Saudi Arabia’s King Abdullah, CPC said.
The company said that according to its weighted oil pricing formula, prices rose to US$45.16 per barrel last week, up 1.55 percent from US$44.47 per barrel in the previous week.
After factoring in the New Taiwan dollar’s appreciation of NT$0.247 against the US dollar, the company is to raise gasoline and diesel prices by 0.61 percent to reflect the increasing costs, CPC said.
Formosa Petrochemical Corp (台塑石化), Taiwan’s only private-run oil refiner, said it would match CPC’s price hikes on both gasoline and diesel, effective today.
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