CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would raise gasoline and diesel prices by NT$0.1 per liter, following an identical increase last week.
Effective today, gasoline prices at CPC stations would rise to NT$25.7, NT$27.2 and NT$29.2 for 92, 95 and 98-octane unleaded gasoline respectively, and the price for premium diesel would increase to NT$23.0, the state-run refiner said.
CPC said that global crude oil prices rose last week, mainly because OPEC and its non-member partners, known as OPEC+, surprised the market on Thursday with decision to defer a production increase until next month.
Formosa in a statement said that contrary to market expectations, Saudi Arabia also announced that it would continue to maintain its production cut at 1 million barrels per day for another month to next month, which boosted sentiment in the oil market last week.
Prices for 92, 95 and 98-octane unleaded gasoline at Formosa stations would be NT$25.7, NT$27.3 and NT$29.2 respectively, and the price for premium diesel would be NT$22.8, it said.
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