CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would raise domestic fuel prices this week on the back of continued increases in global crude oil prices, which have been buoyed by positive market sentiment toward a “phase one” trade agreement expected to be signed by the US and China next month.
The oil market was also boosted by Russia’s continued cooperation with OPEC to cut output and a decline in US commercial crude inventories, the refiners said.
In separate statements, CPC and Formosa said that they would increase gasoline and diesel prices by NT$0.1 per liter, effective today, following price increases of NT$0.3 per liter for gasoline and NT$0.4 per liter for diesel last week.
Based on state-run CPC’s floating oil price formula, prices last week increased by US$0.8 per barrel to US$67.53, the company’s Web site showed.
Normally, the price of gasoline would have risen by NT$0.2 per liter, CPC said.
However, to adhere to the government’s policy of keeping fuel prices the lowest among Asian nations, CPC absorbed 50 percent of the increase, the company said.
After the adjustments, prices at CPC gas stations are to rise to NT$27.7 per liter for 92-octane, NT$29.2 per liter for 95-octane and NT$31.2 per liter for 98-octane unleaded, while premium diesel is to increase to NT$25.7 per liter, the company said.
Prices at privately owned Formosa’s pumps are to rise to NT$27.7, NT$29.1 and NT$31.2 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to rise to NT$25.5 per liter.
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