State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it is to increase gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter today.
CPC said that global crude oil prices rose last week due to positive market sentiment regarding the US-China trade talks and major oil producers’ production cuts.
Based on the refiner’s floating oil price formula, the price of crude increased by US$1.23 to US$63.76 per barrel from a week earlier.
It is the fourth consecutive week that domestic fuel prices have increased.
After the adjustments, prices at CPC fuel stations are to climb to NT$27.1, NT$28.6 and NT$30.6 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to increase to NT$25.0 per liter, CPC said.
Privately owned Formosa Petrochemical Corp (台塑石化) yesterday announced similar price adjustments, also effective today.
Prices at its fuel stations are to increase to NT$27.1, NT$28.5 and NT$30.6 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to rise to NT$24.8 per liter.
CPC announced price cuts for liquefied natural gas (LNG), but left prices unchanged for liquefied petroleum gas this month.
Effective today, the average price per cubic meter of LNG is to decrease 2.54 percent from last month.
An average LNG consumption of 30m3 to 45m3 per month would translate into decreased costs of NT$7.8 to NT$11.7, CPC said.
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