Domestic diesel prices are up NT$0.4 per liter this week, while gasoline prices remain unchanged, Taiwan’s two major suppliers announced yesterday.
State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said prices at its gas stations would remain at NT$26.3 per liter for 92-octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.8 per liter for 98 unleaded this week, but super diesel would increase to NT$25.5 per liter.
Last week, international crude oil prices surged due to Saudi Arabia promising to increase production cuts, and China and the US holding talks aimed at resolving their trade spat.
That resulted in an increase to US$66.73 per barrel last week in CPC’s weighted oil price formula, up from US$63.54 a week earlier.
CPC should have raised gasoline and diesel prices by NT$1.6 and NT$0.7 per liter respectively, based on its pricing formula. However, it left gasoline prices unchanged and raised diesel prices by only NT$0.4 per liter.
Absorbing the increase is estimated to cost the refiner NT$240 million (US$7.79 million) this week, bringing its cumulative losses to NT$1.325 billion since the company began capping price increases during the Lunar New Year holiday, CPC said.
Formosa Petrochemical Corp (台塑石化), announced identical price adjustments, effective today.
After the adjustments, prices at Formosa’s gas stations would be NT$26.3 per liter for 92-octane unleaded, NT$27.7 per liter for 95 unleaded, NT$29.8 per liter for 98 unleaded and NT$25.3 per liter for super diesel, the company said.
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