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, effective today, after the White House warned of an imminent Russian invasion of Ukraine and global crude oil prices reached a seven-year high on Friday.
CPC said it would raise gasoline prices by NT$1.2 per liter to NT$29.9, NT$31.4 and NT$33.4 for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase by NT$1.5 per liter to NT$27.5.
Based on its floating oil price formula, the cost of crude oil last week increased by 2.11 percent from a week earlier, the state-run refiner said, attributing the increase to persistent tension between Russia and Ukraine, as well as Saudi Arabia raising prices for shipments to Asia, Europe and the US next month.
Formosa said that oil prices fell to less than US$90 per barrel early last week, as the US and Iran resumed nuclear talks, easing market fears over its potential effect on crude oil supply.
An unexpected decrease in US commercial crude oil inventories last week and growing concerns over the Russia-Ukraine situation 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$1.2 per liter to NT$29.9, NT$31.3 and NT$33.4 respectively.
Premium diesel would increase by NT$1.5 to NT$27.3 per liter, it added.
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