Taiwan’s two major fuel suppliers yesterday announced small hikes in fuel prices for this week, citing an increase in global crude prices due to tensions in the Middle East.
The state-run oil refiner, CPC Corp, Taiwan (CPC, 台灣中油), said it will raise its gasoline and diesel prices by NT$0.2 per liter, starting today. With the adjustment, retail prices at CPC gas stations will be NT$27.2 per liter for 92 octane unleaded, NT$28.7 per liter for 95 octane unleaded, NT$30.7 per liter for 98 octane unleaded, and NT$25.1 per liter for super diesel.
The price of crude oil rose US$0.89 last week to US$62.35 per barrel, said CPC, which calculates its fuel prices based on a weighted formula composed of 70 percent Dubai crude and 30 percent Brent crude.
One of the main factors that contributed to the rise in crude prices was the recent attack on oil tankers in the Gulf of Oman, CPC said.
Formosa Petrochemical Corp (台塑石化) announced identical fuel price hikes, which also take effect today.
With the increase, prices at Formosa gas stations will be NT$27.2 per liter for 92 octane unleaded, NT$28.6 per liter for 95 octane unleaded, NT$30.7 per liter for 98 octane unleaded and NT$24.9 per liter for diesel.
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