State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would increase gasoline and diesel prices by NT$1.1 and NT$1.2 per liter respectively today, as global crude oil prices rose in the past week.
The hike would bring fuel prices to NT$23.8 per liter for 92-octane unleaded gasoline, NT$25.3 per liter for 95-octane unleaded gasoline, NT$27.3 per liter for 98-octane unleaded gasoline and NT$21.4 per liter for super diesel, the company said.
CPC adjusts gasoline prices once per week based on the changes in a weighted crude oil price index consisting of 70 percent Dubai crude and 30 percent Brent crude.
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The company said the index last week rose by US$4.51 per barrel from the previous week to US$48.93, resulting in an 8.13 percent increase in local fuel prices.
Global crude prices rose after major oil producers agreed to limit oil production and US crude oil inventories fell for the fifth straight week, CPC said.
CPC’s announcement came one day after Formosa Petrochemical Corp (台塑石化) said it would raise gasoline and diesel prices by NT$1.1 and NT$1.2 per liter, respectively.
After the adjustment, fuel prices at Formosa Petrochemical gas stations rise to NT$21.1 per liter for super diesel, NT$23.7 per liter for 92-octane unleaded gasoline, NT$25.2 per liter for 95-octane unleaded gasoline and NT$27.5 per liter for 98-octane unleaded gasoline.
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