State-owned refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced it is raising its domestic gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter today.
The average cost of its crude oil rose to US$56.26 per barrel this week, from US$55.01 a week earlier, reflecting concerns about increased geopolitical tensions in the Middle East, CPC said in a statement.
After taking into account an appreciation of NT$0.003 in the New Taiwan dollar against the US dollar during the week, CPC said it decided to hike wholesale prices for its fuels by 1.81 percent.
CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化), the nation’s only privately owned refiner and CPC’s main rival, announced similar price increases on Saturday.
It said a decline in crude oil inventories in the US also pushed oil prices higher during the week.
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