Gasoline and diesel prices are to increase today by NT$0.7 and NT$0.6 per liter respectively to reflect a steady increase in global crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday.
The moves follow last week’s increases of NT$0.3 per liter each for gasoline and diesel products and are the sixth consecutive week of hikes.
Prices at CPC gas stations are to rise to NT$20.6, NT$22.1 and NT$24.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$18.0 per liter, the state-run refiner said in a statement.
Global crude oil prices continued to increase last week, as it is a high season for crude oil demand in the northern hemisphere and because of positive sentiment in the market about major oil producers retaining their output cut of 9.7 million barrels per day through next month, CPC said.
As a result, the average cost of its crude oil per barrel rose to US$38.85, from US$34.07 the previous week, CPC said.
After factoring in the appreciation of the New Taiwan dollar, which was up NT$0.112 against the US dollar last week, fuel prices would rise by 10.88 percent this week, it said.
Privately run Formosa’s prices for 92, 95 and 98-octane unleaded are to rise to NT$20.6, NT$22.0 and NT$24.1 per liter respectively, with premium diesel increasing to NT$17.8 per liter, the refiner said.
It also cited the upward move in international oil prices amid market optimism that the global economy would likely recover quickly as the fallout from the COVID-19 pandemic gradually subsides.
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