CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would increase their gasoline and diesel prices by NT$0.2 per liter, effective today.
Prices at CPC stations are to increase to NT$22.1, NT$23.6 and NT$25.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$19.4 per liter, CPC said in a statement.
International oil prices last week rose after Pfizer Inc said its COVID-19 vaccine candidate was 95 percent effective and as geopolitical tension in the Middle East increased, providing a lifeline for the oil industry, CPC said.
Although its gasoline and diesel prices should have increased by NT$1.5 and NT$1.7 per liter respectively this week based on its floating oil price formula, CPC said that it would absorb part of the cost increase to comply with a government policy of keeping domestic fuel prices the lowest in Asia.
Formosa said that the oil market also received a boost on the indication of a smooth transfer of power following the US presidential election, coupled with the reduction of US crude oil inventories from the previous week.
The company said that the prices of its 92, 95 and 98-octane unleaded gasoline would increase to NT$22.1, NT$23.5 and NT$25.6 per liter respectively, while the price of premium diesel would be NT$19.2 per liter.
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