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, or 0.35 percent, as crude import costs rose 1.47 percent on depreciation of the New Taiwan dollar.
It is the first domestic price hike in about two months.
Global crude oil prices fell 1.02 percent, or US$0.51, to US$49.32 per barrel last week, compared with US$49.83 in the prior week, according to CPC’s pricing information.
“A weak New Taiwan dollar has increased the company’s crude oil import costs, offsetting a decline in global crude oil prices and a decline in output expansion from OPEC,” CPC said in a statement posted on its Web site.
The NT dollar depreciated 1.47 percent to NT$32.208 versus the US dollar at end of last week, CPC said, citing its own pricing scheme.
The nation’s only private-run oil refiner, Formosa Petrochemical Corp (台塑石化), matched CPC’s prices with increases of NT$0.1 per liter for gasoline and diesel.
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