Domestic gasoline and diesel prices in Taiwan are to move higher today as fears of a crude oil supply glut continue to ease, Taiwan’s two major suppliers said yesterday.
State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said it is to raise gasoline and diesel prices by NT$1.1 and NT$1.2 per liter, respectively, the steepest hike in 27 months.
After the adjustments, prices at CPC gas stations are to be NT$26.1 per liter for 92-octane unleaded, NT$27.6 per liter for 95 unleaded and NT$29.6 per liter for 98 unleaded, while the price of super diesel is to be NT$23.9 per liter.
Domestic fuel prices at CPC gas stations nationwide fell to their lowest in 15 months in the week starting on Dec. 30, when the prices were NT$24.5 per liter for 92-octane unleaded, NT$26 per liter for 95 unleaded, NT$28 per liter for 98 unleaded and NT$22.2 per liter for super diesel.
However, following a jump in international crude oil prices, this is the second week in a row that CPC has raised its fuel prices, increasing gasoline and diesel prices by a total of NT$1.6 and NT$1.7 respectively since Sunday last week.
International crude oil prices continued to rebound last week as major oil producers, led by Saudi Arabia, the world’s largest exporter of crude oil, agreed to collectively cut output.
Formosa Petrochemical Corp (台塑石化), the nation’s only listed oil refiner, yesterday announced identical price increases from today, to reflect the increase in international crude oil prices.
After the adjustments, prices at Formosa Petrochemical gas stations nationwide are to be NT$26.1 per liter for 92-octane unleaded, NT$27.5 per liter for 95 unleaded, NT$29.6 per liter for 98 unleaded and NT$23.7 per liter for super diesel, the company said.
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