The nation’s two oil refiners yesterday said they would increase the prices for their gasoline and diesel products by NT$0.40 per liter this week from last week. The prices go into effect today, reflecting rising global crude oil prices.
State-run CPC Corp, Taiwan (CPC, 台灣中油) said that its average crude oil costs rose US$2.28 per barrel to US$106.31 last week from the previous week, in the wake of rising fuel demand amid cold weather, and following positive market sentiment toward the US Federal Reserve’s loosening monetary policy in the short term.
With the NT dollar appreciating NT$0.041 against the US currency last week, the firm’s weighted oil price formula showed a 1.64 percent increase in the week, CPC said.
Formosa Petrochemical Corp (台塑石化) said that global oil prices also rose last week after China reported better-than-expected exports data and OPEC lifted its estimate of global oil demand.
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i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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