Domestic gasoline and diesel prices are this week to increase by NT$0.2 per liter to reflect higher international crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
The hikes mark the second consecutive week that local fuel prices have been raised.
After the adjustments, prices at CPC gas stations are to rise to NT$26.8, NT$28.3 and NT$30.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$24.6 per liter, the state-run refiner said in a statement.
Global crude oil prices moved higher last week amid an easing of US-China trade tensions and the planned stock market debut of Saudi Arabian Oil Co (Aramco), CPC said.
Last week, the average cost of its crude oil per barrel increased to US$62.02, from US$61.46 the previous week, the company added.
Formosa’s prices for 92, 95 and 98-octane unleaded are to increase to NT$26.8, NT$28.2 and NT$30.3 per liter respectively, with premium diesel moving up to NT$24.4 per liter, it said.
The company matched CPC’s price adjustments after factoring in the exchange rate for the New Taiwan dollar and local market competition, Formosa said.
The new prices are to take effect today, the companies said.
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