State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would raise gasoline and diesel prices by NT$0.7 per liter, the biggest price hike in more than a year, after global crude oil prices spiked as the US mulls military action against oil-rich Syria.
The price increase will bring domestic gas prices to their highest level in almost seven months, according to CPC’s Web site.
“Because of speculation that an attack by Western countries on Syria, along with political tension in Egypt, will affect crude supply, Dubai and Brent crude prices have hit two-month highs,” CPC said in a statement.
West Texas Intermediate crude also surged to its highest level since early 2011, the statement said.
The price of crude soared 3.5 percent to US$112.16 per barrel last week, from US$108.37 per barrel a week ago based on the CPC’s pricing scheme, the oil refiner said.
Domestic gas prices should have increased 2.65 percent, the CPC said.
CPC’s sole rival, Formosa Petrochemical Corp (台塑石化), yesterday also announced 0.7 percent price hikes for gasoline and diesel.
After a monthly review, CPC yesterday said it would hike prices for household liquefied petroleum gas (LPG) by NT$1.4 per kilogram to a record-high NT$33.41 per kilogram this month from last month’s NT$32.01.
The price of LPG used in cars has increased by NT$0.8 per liter.
The company also said it would increase the price of industrial propane and butane by NT$1.4 per kilogram.
Prices for liquefied natural gas remain unchanged this month, CPC said.