The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.30 per liter this week, effective today, to reflect rising global crude oil prices.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said that its average oil costs increased by 1.31 percent last week, after global crude oil prices moved higher on the US’s move to extend its monetary easing and production outages in Libya.
CPC’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices rose US$1.21 per barrel to US$105.53 in the week, it said.
Global oil prices also rose last week on no substantial progress in nuclear talks between the six world powers and Iran, Formosa Petrochemical Corp (台塑石化) said. The company said it would match CPC’s price adjustments, considering global oil market sentiment and local competition.