The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.60 per liter this week, effective today.
The increase would mark the largest weekly rise since August last year, pushing domestic prices to their highest levels in four months, according to the refiners’ data.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said in a statement that its average oil costs increased by 2.38 percent last week, after crude oil prices rose amid an upbeat global economy and the New Taiwan dollar’s depreciation against the US dollar.
The company’s weighted oil price formula showed prices rose US$1.51 per barrel to US$111.36.
Global oil prices also rose last week after the US Federal Reserve maintained monetary easing, while the latest US durable goods and housing data also came in above expectations, privately owned Formosa Petrochemical Corp (台塑石化) said in a separate statement.