Domestic gasoline and diesel prices are to increase by NT$0.3 per liter today, the eighth consecutive week of hikes, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Prices at CPC stations are to rise to NT$21.7, NT$23.2 and NT$25.2 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$19.1 per liter, the state-run refiner said in a statement.
The price adjustments came after US shale production reached the lowest level in two years and Saudi Arabia lowered crude supplies for buyers in Asia, which boosted global crude oil prices last week, CPC said.
As a result, the average cost of its crude oil per barrel rose to US$40.76, from US$40.33 the previous week, CPC said.
After factoring in appreciation of the New Taiwan dollar, which was up NT$0.071 against the US dollar last week, fuel prices would rise by 0.66 percent this week, the refiner said.
Formosa’s prices for 92, 95 and 98-octane unleaded are to rise to NT$21.7, NT$23.1 and NT$25.2 per liter respectively, with premium diesel increasing to NT$18.9 per liter, it said.
The company said that global oil market sentiment remained positive last week after the International Energy Agency, which represents industrialized energy-consuming nations, revised upward crude consumption for this year, while the implementation rate of production cuts by OPEC and its allies is expected to increase.
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