State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will raise gasoline and diesel prices by NT$0.1 per liter from today to reflect the increasing import costs of crude oil products over the past week.
CPC said international crude oil prices increased the first few days of last week because of the declining inventories from the US, but the prices later dropped sharply due to a lack of confidence in the market.
Global oil prices fell 0.26 percent, or US$0.12, to US$45.19 per barrel last week, compared with US$45.31 per barrel the previous week, CPC said.
However, the company said its crude oil import costs rose due to the large depreciation of New Taiwan dollar against the US dollar.
After factoring in the NT dollar’s depreciation of NT$0.423 against the greenback, CPC said it decided to raise domestic oil prices by 0.82 percent this week.
Formosa Petrochemical Corp (台塑石化), the nation’s only private oil refiner, said it would also hike its prices by NT$0.1 per liter from today.
Formosa said global crude oil prices fluctuated drastically in the past week, although the import costs remained similar from the previous week.
Considering the NT dollar’s depreciation and its fierce competition with CPC, Formosa said it would raise its prices.
The company’s 98-octane unleaded gasoline is to be NT$26.5 per liter, NT$0.2 more than CPC’s equivalent product.
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