Domestic fuel prices are to rise this week for a second straight week, state-run refiner CPC Corp, Taiwan (CPC, 台灣中油) announced yesterday.
CPC said global crude oil prices last week rose on market concerns over supply, as the shutdown of the North Sea Forties Pipeline System offset an increase in US crude oil production.
The refiner said its average cost of crude oil increased by US$0.35 per barrel to US$62.45.
This allowed it to raise gasoline and diesel prices by NT$0.1 per liter from today after factoring in the New Taiwan dollar’s appreciation of NT$0.024 against the US dollar, CPC said.
Similar hikes announced by Formosa Petrochemical Corp (台塑石化) are also to take effect today.
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