CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said that they would increase gasoline and diesel prices, effective today, as global crude oil prices continued to move higher amid market concerns about geopolitical and supply issues.
CPC said that it would raise gasoline prices by NT$0.3 per liter to NT$30.2, NT$31.7 and NT$33.7 for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase by NT$0.6 per liter to NT$28.1.
Based on its floating oil price formula, the cost of crude oil last week increased by 1.61 percent from a week earlier, the state-run refiner said, attributing the increase to reports that Russia has continued to mass troops on Ukraine’s border.
Other factors, including OPEC+ continuing to keep a lid on production, are also pushing oil prices higher, CPC said.
Formosa said that a lack of de-escalation on the Ukrainian border as well as drawn-out nuclear talks between Washington and Tehran were factors affecting market sentiment, leading the price of crude oil to fluctuate in volatile trading last week.
The company said that it would increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.3 per liter to NT$30.2, NT$31.6 and NT$33.7 respectively, while the price of premium diesel would increase by NT$0.6 to NT$27.9 per liter.
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