State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said that it will raise its gasoline and diesel prices today, as global crude oil prices have stopped falling and posted a moderate rise last week.
World crude prices climbed last week on rising expectations OPEC will cut output after it meets on Wednesday next week, CPC said, adding that the strengthening US dollar has also made US dollar-priced commodities like oil more expensive.
Based on its floating oil price formula, CPC calculated the average crude oil price per barrel at US$43.14 as of Friday, up from US$43.06 a week earlier.
As the New Taiwan dollar depreciated NT$0.334 last week against the US dollar, domestic fuel prices will be 1 percent higher than the previous week, CPC said.
Starting from midnight, prices at CPC service stations will increase by NT$0.1 per liter for gasoline and diesel products, the company said.
With the hikes, prices at CPC-run gas stations across the nation are to be NT$20.1 per liter for super diesel, NT$22.6 per liter for 92-octane unleaded gasoline, NT$24.1 per liter for 95-octane unleaded gasoline and NT$26.1 per liter for 98-octane unleaded gasoline.
Privately owned Formosa Petrochemical Corp (台塑石化) made a similar announcement on Wednesday last week.
Starting from 1am today, prices at Formosa Petrochemical fuel pumps were to rise to NT$19.8 per liter for super diesel, NT$22.5 per liter for 92-octane unleaded gasoline, NT$24 per liter for 95-octane unleaded gasoline and NT$26.3 per liter for 98-octane unleaded gasoline.
The hikes in domestic fuel prices put an end to three consecutive weeks of price cuts, according to CPC and Formosa statistics.
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