The nation’s two major fuel suppliers yesterday announced small price hikes for this week, after global crude oil prices rose amid tensions in the Middle East.
CPC Corp, Taiwan (CPC, 台灣中油) would raise its gasoline and diesel prices by NT$0.1 per liter effective today, the state-run oil refiner said.
After the adjustment, retail prices at CPC gas stations would be NT$27 per liter for 92-octane unleaded, NT$28.5 per liter for 95-octane unleaded, NT$30.5 per liter for 98-octane unleaded and NT$24.9 per liter for super diesel.
CPC said that OPEC members’ decision to extend their agreement to cut oil output and attacks on Thursday on two oil tankers in the Gulf of Oman were factors pushing global crude oil prices higher last week.
The price of Brent crude on Friday increased US$0.75 to US$62.06 a barrel and that of West Texas Intermediate rose US$0.24 to US$52.52.
Meanwhile, Formosa Petrochemical Corp (台塑石化) announced identical price adjustments that are to take effect today.
Prices at Formosa Petrochemical gas stations would be NT$27 per liter for 92-octane unleaded, NT$28.4 per liter for 95-octane unleaded, NT$30.5 per liter for 98-octane unleaded and NT$24.7 per liter for diesel.
The oil price rebound could be favorable to the petrochemical sector, especially upstream players, such as Formosa Petrochemical and Formosa Chemicals & Fibre Corp (台灣化纖), Yuanta Securities Investment Consulting Co (元大投顧) said in a note last week.
However, this might not last long as there is still uncertainty surrounding demand in the long term and concerns about massive capacity expansion in China in the next two to three years, Yuanta said.
Additional reporting by staff writer
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