State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would raise gasoline prices by NT$0.6 and diesel prices by NT$0.7 per liter, starting today, to reflect last week’s increase in international crude oil prices.
CPC’s average crude oil costs last week rose US$2.52 per barrel from the previous week’s US$54.39 to US$56.91 per barrel, it said in a statement.
The increase comes as OPEC and its non-member partners consider expanding output cuts, while market concerns about the impact of the COVID-19 outbreak on global demand were easing, CPC said.
As the New Taiwan dollar last week depreciated NT$0.14 against the US dollar, CPC decided to increase wholesale prices for its diesel and gasoline products by 4.1 percent, it said.
The prices at CPC’s gas stations are to increase to NT$25.5 per liter for 92-octane unleaded, NT$27.0 for 95-octane unleaded and NT$29.0 for 98-octane unleaded, while the prices for premium diesel would rise to NT$23.3 per liter.
Formosa Petrochemical Corp (台塑石化) yesterday announced similar price hikes.
Formosa said in a statement that the oil market was boosted by the blockade of Libyan ports and oil fields, as well as the US sanctions on Russian oil companies to curb Venezuelan crude oil supplies.
Prices at Formosa’s pumps would rise to NT$25.5, NT$26.9 and NT$29.0 per liter for 92, 95 and 98-octane unleaded respectively, while premium diesel is to increase to NT$23.1 per liter, the company said.
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