CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said that gasoline prices this week would rise by NT$0.8 per liter and diesel prices by NT$0.9, after hikes of NT$0.4 and NT$0.3 respectively last week.
Effective today, prices at CPC stations are to rise to NT$29.5, NT$31 and NT$33 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to rise to NT$26.6 per liter, CPC said.
CPC’s price of NT$31.0 for 95-octane unleaded gasoline marks the highest in nearly three years.
Prices at Formosa stations are to rise to NT$29.5, NT$30.9 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to rise to NT$26.4 per liter.
State-run CPC said that based on its floating oil price formula, the cost of crude oil last week increased 3.04 percent from a week earlier, as global oil prices rose due to a surge in energy demand.
“Countries are rushing to buy coal and natural gas, leading prices of related energy sources to soar in the short term, while rapidly driving demand for crude oil,” CPC said in a statement.
“In addition, OPEC and its allies are maintaining a moderate production increase for next month rather than producing extra output, which also drove oil prices to rise.”
Based on the formula, gasoline and diesel prices should rise by NT$2.0 and NT$3.2 per liter respectively, but CPC said it would absorb the cost of the increase in compliance with government policy.
Separately, Formosa said that demand for heating fuels increased as the northern hemisphere approaches winter, and that power shortages in China and India pushed up prices of natural gas and coal, which all led crude oil prices to further rise last week.
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