State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would increase its gasoline and diesel prices by NT$0.9 per liter, effective today, after cutting prices by the same amount last week.
CPC said in a statement that its average oil costs rose by 8.67 percent last week from the previous week after Saudi Arabia and Russia reached a consensus to freeze production in an attempt to stabilize global crude prices, despite an appreciation of NT$0.164 in the New Taiwan dollar against the US dollar during the week.
The company’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices increased US$3.14 per barrel to US$30.73 last week from US$27.59 the previous week, CPC said.
CPC said its wholesale price of 92-octane unleaded gasoline is to rise to NT$19.9 per liter, the price of 95-octane unleaded gasoline is to be NT$21.4 per liter, the price of 98-octane unleaded is to be NT$23.4 per liter and the price of premium diesel is to increase to NT$17.1 per liter.
CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化) said it would raise its wholesale gasoline and diesel prices by NT$0.9 per liter, effective today, with the scale of retail price changes left to individual gas stations.
Formosa said that Iran's support for the production freeze and recoveries in both US and European stock markets have also improved market sentiment and boosted oil prices.
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