Domestic gasoline and diesel prices are this week to increase by NT$0.3 per liter 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 separately yesterday.
Last week, prices for gasoline and diesel products also rose by NT$0.3 per liter, and this week marks the ninth consecutive week of hikes.
Effective today, prices at CPC gas stations are to rise to NT$22.0, NT$23.5 and NT$25.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$19.4 per liter, the state-run refiner said in a statement.
The price adjustments come after the northern hemisphere entered its high season for oil consumption, and as OPEC and its allies pledged to maintain next month’s output at the same level as last month and this month, which last week boosted global crude oil prices, CPC said.
As a result, the average cost of its crude oil per barrel rose to US$42.01, from US$40.76 a week earlier, CPC said.
After factoring in appreciation of the New Taiwan dollar, which was up NT$0.049 against the US dollar last week, fuel prices would rise by 2.32 percent this week, the refiner said.
Formosa’s prices for 92, 95 and 98-octane unleaded are to rise to NT$22.0, NT$23.4 and NT$25.5 per liter respectively, with premium diesel increasing to NT$19.2 per liter, the company said.
Despite negative factors, such as the rising number of COVID-19 cases and a continued increase in commercial crude inventories in the US, global crude oil prices still moved higher last week, which indicated that the oil market still has more fundamental strength, Formosa said.
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