The state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油), yesterday said it would raise prices by NT$0.1 a liter, or about 0.3 percent, for its gasoline and diesel products to reflect rising costs after global oil prices rose as US crude reserves fell to their lowest level in two years.
The price of global crude oil jumped 1.12 percent, or US$2.32 a barrel, to US$120.37 a barrel last week, which would have allowed CPC to raise gasoline and diesel prices by NT$0.3 per liter, the oil refiner said in a statement posted on its Web site.
In conjunction with the government’s policy to contain inflation, CPC agreed to a smaller price rise, the statement said.
Unleaded 92 gasoline will be priced at NT$32.5 per liter, the highest level since October 2008.
Formosa Petrochemical Corp (台塑石化), the nation’s only -privately-run oil refiner, said it would match CPC’s price rises.