State-run oil refiner CPC Corp, Taiwan (中油) yesterday said it would raise gasoline and diesel prices by NT$0.3 per liter in expectation that demand would rise on better-than-expected US and Europe economic data, and because of seasonal factors.
The announcement marks the second week of price hikes by CPC and domestic fuel prices will rise to the highest in one-and-a-half months, according to pricing information posted on CPC’s Web site.
The price of global crude oil climbed 1.47 percent to US$107.08 per barrel last week, from US$105.53 the week before based on CPC’s pricing scheme in a company statement.
“Global crude prices rose as winter is a season of high energy consumption and the US and Europe have posted strong economic data,” CPC said in the statement.
The price increase prompted a 1.08 percent rise in domestic fuel prices after factoring in the local currency’s appreciation of NT$0.034 against the US dollar, CPC said.
CPC’s sole rival, Formosa Petrochemical Corp (台塑石化), yesterday said it would also hike gasoline and diesel prices by NT$0.3 per liter.