State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will raise its gasoline and diesel prices by NT$0.3 per liter after global crude oil prices rose amid supply concern as a result of a possible escalation of tensions in the Middle East.
Global crude oil prices increased 0.95 percent, or US$0.95, to US$101.48 per barrel last week, compared with US$100.53 per barrel in the previous week, as Syria’s civil war intensified, CPC said in a statement posted on its Web site.
Factoring in the depreciation of the New Taiwan dollar against the US dollar, down NT$0.133 last week, prices for gasoline and diesel should have risen 1.11 percent from a week ago.
The depreciation in the local currency would have increased CPC’s crude import costs.
Rival Formosa Petrochemical Corp (台塑石化) yesterday also said it will raise gasoline and diesel prices by NT$0.3 per liter.