State-run oil refiner CPC Corp, Taiwan (台灣中油) yesterday announced that it would increase gasoline and diesel prices in the coming week, the fifth price hike in six weeks.
The price hike reflects increases in global crude prices pushed higher by reductions in oil output because of instability in Nigeria and a massive wildfire in Canada, CPC said.
CPC adjusts its fuel prices once a week based on a weighted oil price formula that is comprised of 70 percent Dubai crude and 30 percent Brent crude, and also considers the value of the US dollar.
The price of crude oil based on the formula rose US$2.71 to US$46.36 per barrel last week from a week earlier, while the US dollar strengthened against the New Taiwan dollar by NT$0.19 to NT$32.719, the company said.
That would result in an increase of NT$0.7 per liter in gasoline prices, pushing 92 octane unleaded to NT$23.6 per liter, 95 octane unleaded to NT$25.1 per liter and 98 octane unleaded to NT$27.1 per liter.
The price of premium diesel is to rise by NT$0.8 per liter to NT$21.2 per liter. The new prices took effect at midnight yesterday.
On Saturday, CPC’s smaller rival, Formosa Petrochemical Corp (台塑石化), announced similar price hikes that are to take effect at 1am today.
Formosa expects prices at gas stations it supplies to rise to NT$20.9 per liter for premium diesel, NT$23.5 per liter for 92 octane unleaded, NT$25 per liter for 95 unleaded and NT$27.3 per liter for 98 unleaded.
Both companies said actual prices at the pump would still be decided by the gas stations themselves, as some of them are run by franchisees or independent chains, such as National Petroleum Corp (全國加油站).
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