The nation’s two oil refiners yesterday said they would raise gasoline and diesel prices by NT$0.20 per liter this week. The prices go into effect today, reflecting rising global crude oil prices.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said its average oil costs increased by 0.56 percent last week, in the wake of rising fuel demand amid cold weather.
Global crude oil prices also increased to reflect a positive sentiment after the US Federal Reserve announced it would scale back its bond-buying program next year, indicating US economic fundamentals are in good shape, CPC said.
The firm’s weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude -— rose from US$0.15 per barrel to US$107.95 during the week, CPC said.
Formosa Petrochemical Corp (台塑石化) yesterday said that global oil prices also rose last week after the US reported a decline in its crude oil inventories.