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 this week, effective today, following three consecutive weeks of price reductions.
CPC said that it would raise gasoline prices by NT$0.3 per liter to NT$27.6, NT$29.1 and NT$31.1 for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would also increase by NT$0.3 per liter to NT$25.6.
Based on its floating oil price formula, the cost of crude oil last week increased by US$1.65 per barrel from a week earlier, the state-run refiner said, attributing the increase to Saudi Arabia raising prices for shipments to Asia and the US next month.
Formosa said that market sentiment improved last week amid preliminary reports that the Omicron variant of SARS-CoV-2 mostly causes mild infections and booster shots of widely used COVID-19 vaccines enhance protection against it, easing fears over the variant’s potential effect on crude oil demand.
A deadlock in talks between Western powers and Iran over a nuclear deal further prompted oil prices to rise, it added.
Formosa said it would increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.3 per liter to NT$27.6, NT$29 and NT$31.1 respectively.
Premium diesel would increase by NT$0.3 to NT$25.4 per liter, it added.
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