Oil refiners CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they will raise gasoline and diesel prices by 1.25 percent, or NT$0.3 and NT$0.4 per liter respectively, after global oil prices rose amid political tension in Egypt.
The conflict in Egypt along with low crude reserves in US have raised concerns about crude supply, according to a company statement posted on CPC’s Web site. The second-week price hike will bring domestic gasoline prices to their highest level since March 4, according to price data posted on CPC’s Web site.
According to CPC, average global crude oil price increased 1.46 percent to US$107.34 per barrel last week, the highest in the past four months, from US$105.8 the previous week.
Formosa said it would match CPC’s price adjustments, considering global oil market situation and local market competition.