State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would raise diesel prices by NT$0.5 per liter, ending a two-week freeze, but would leave gasoline prices unchanged this week in reflection of international crude price movements.
Gasoline prices are to stay at NT$26.4 per liter for 92-octane unleaded, NT$27.9 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded, while the super diesel price is to rise to NT$24.7 per liter.
International crude oil prices came under pressure last week, with West Texas Intermediate (WTI) for March delivery falling 4.6 percent and Brent crude, the global benchmark, for March delivery falling 1.1 percent, CPC said.
The decline in international crude oil prices largely reflected concerns over the pace of global economic growth, following the publication of disappointing economic data in the US, while an increase in the US oil rig count by seven to 854 last week also dampened energy market sentiment, analysts said.
However, political turmoil in Venezuela and a move by OPEC and its allies to cut production offset downward pressure from worries over global growth and a supply glut, they said.
Formosa Petrochemical Corp (台塑石化) also announced that it would today hike diesel prices by NT$0.5 per liter, while leaving gasoline prices unchanged.
Prices at Formosa gas stations nationwide would be NT$24.5 per liter for super diesel, NT$26.4 per liter for 92-octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded, the company said.
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