The nation’s two major refiners are to increase domestic fuel prices for a 10th consecutive week after global crude oil prices continued to move higher.
Gasoline and diesel prices are to rise by NT$0.2 per liter this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
Effective today, prices at CPC gas stations are to increase to NT$22.2, NT$23.7 and NT$25.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to increase to NT$19.6 per liter, the state-run refiner said in a statement.
CPC attributed the price adjustments to Saudi Arabia’s decision to reduce shipments to Asia this month, as well as decreases in US oil output and commercial crude inventories last week.
CPC said that the average cost of its crude oil per barrel rose to US$42.24, from US$42.01 a week earlier.
After factoring in appreciation of the New Taiwan dollar, which last week was up NT$0.027 against the US dollar, fuel prices this week would rise by 0.36 percent, it said.
Formosa’s prices for 92, 95 and 98-octane unleaded are to rise to NT$22.2, NT$23.6 and NT$25.7 per liter respectively, with premium diesel increasing to NT$19.4 per liter, the company said.
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