The nation’s two major fuel suppliers are to raise gasoline prices for the sixth week in a row, citing international factors.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced an increase of NT$0.6 per liter for gasoline products and NT$0.10 per liter for diesel, effective today.
After the adjustments, suggested retail prices at CPC gas stations would be NT$28.5 per liter for 92-octane unleaded, NT$30 per liter for 95-octane unleaded, NT$32 per liter for 98-octane unleaded and NT$26.8 per liter for super diesel.
Venezuela’s historically low oil production and an agreement between OPEC and Russia to decrease production drove crude oil prices up last week, CPC said.
Based on CPC’s pricing formula and the slight appreciation of the New Taiwan dollar, the domestic price of gasoline and diesel should have been increased by NT$0.9 and NT$0.1 per liter respectively, the company said.
While the increase in diesel would be fully reflected at gas stations, CPC would only raise its gasoline prices by NT$0.6 because of a rule capping gas prices at no more than the lowest market price among Taiwan’s main competitors: Japan, South Korea, Hong Kong and Singapore.
Formosa Petrochemical Corp (台塑石化) announced identical price adjustments for its gasoline and diesel products.
From today, prices at Formosa Petrochemical gas stations would be NT$28.5 per liter for 92-octane unleaded, NT$29.9 per liter for 95-octane unleaded, NT$32 per liter for 98-octane unleaded and NT$26.6 per liter for diesel.
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