CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would increase gasoline and diesel prices by NT$0.3 per liter this week, the eighth weekly increase in a row.
The increases reflect last week’s higher global crude oil prices, driven by seasonal demand in the northern hemisphere and a continued decline in commercial crude inventories in the US, CPC said in a statement.
According to the state-run firm’s floating oil price formula, crude oil prices last week increased 0.57 percent from a week earlier.
OPEC and its allies were last week considering increasing production next month, which was lower than market expectations and therefore boosted market sentiment and oil prices, privately run Formosa said in a separate statement.
A standoff between OPEC+ ministers over output extended negotiations to today.
Gasoline prices at CPC stations would rise to NT$28.2, NT$29.7 and NT$31.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase to NT$25.4 per liter, the company said.
Formosa said that prices at its stations would rise to NT$28.2, NT$29.6 and NT$31.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$25.2 per liter.
Additional reporting by Bloomberg
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