CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise gasoline and diesel prices by NT$0.6 per liter today, following a surge in international crude oil prices last week.
The hike, following a NT$0.1 cut per liter for gasoline and diesel last week, would see the state-owned refiner’s pump prices reach their highest level since December 2014.
Global crude oil prices rose last week, pushed up by concerns that rising tensions in the Middle East could lead to supply disruptions.
CPC calculates its weekly fuel prices using a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
The average cost of its crude oil reached US$68.41 per barrel last week, an increase of US$2.52 from a week earlier, according to the company’s Web site.
Formosa Petrochemical Corp (台塑石化) on Saturday announced a similar hike starting today.
Market watchers said expectations that there would be an extension in a production cut agreement between OPEC and non-OPEC producers also pushed global crude oil prices higher last week.
The current output cut accord runs through the end of this year, and OPEC members are scheduled to meet in June to discuss their next move.
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