Domestic gasoline and diesel prices are to increase by NT$0.2 per liter this week, ending a seven-week decline, due to a hike in international crude oil prices, Taiwan’s two major suppliers said yesterday.
State-owned CPC Corp, Taiwan (CPC, 台灣中油) said that after the adjustments, which are to take effect today, fuel prices at its gas stations would be NT$26.4 per liter for 92-octane unleaded, NT$27.9 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.2 per liter for super diesel.
International oil prices last week rose after the US and China agreed to a 90-day truce in their trade dispute and Canada’s Alberta province announced that it would cut oil production next year to bolster prices, CPC vice president Fang Jeng-zen (方振仁) said.
Based on CPC’s floating price mechanism, the company’s oil purchases on average increased by US$1.19 to US$60.19 per barrel last week.
Fang said CPC is discussing a proposal by lawmakers to revise its floating pricing mechanism for gasoline and diesel.
The company reported a pre-tax profit of NT$50.3 billion (US$1.63 billion) for the first 10 months of the year and is likely to post more than NT$60 billion for the whole year, far in excess of its statutory surplus revenue of NT$1.2 billion.
Privately owned Formosa Petrochemical Corp (台塑石化) yesterday announced identical price hikes, which would raise prices at its gas stations to NT$23.9 per liter for super diesel, NT$26.4 per liter for 92-octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded.
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