Fuel prices are to increase for a fifth consecutive week after global crude oil prices experienced volatile swings last week, as the war in Ukraine showed no sign of easing.
CPC Corp, Taiwan (CPC, 台灣中油) said it would raise gasoline and diesel prices by NT$0.3 per liter, effective today, after increasing prices by NT$0.6 per liter last week.
Gasoline prices at CPC stations are to increase to NT$31.6, NT$33.1 and NT$35.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel fuel is to increase to NT$29.4 per liter, the state-run refiner said in a statement.
Based on its floating oil price formula, the cost of crude oil last week surged 11.05 percent from a week earlier, after the US and the UK announced a ban on imports of Russian crude oil, while Saudi Arabia raised oil prices for all regions, CPC said.
It said that its gasoline and diesel prices should have increased by NT$5.3 and NT$6.9 per liter respectively, but it absorbed part of the cost increase to comply with a government policy to rein in rising consumer prices.
Formosa Petrochemical Corp (台塑石化) said that global crude oil prices fluctuated in volatile trading last week, affected by a mix of factors, including moves by the US and UK to ban Russian crude imports, a commitment by the United Arab Emirates to increase oil production and a pledge by Russia to honor energy supply contracts.
The company said that its prices for 92, 95 and 98-octane unleaded gasoline would increase NT$0.3 per liter to NT$31.6, NT$33.0 and NT$35.1 respectively, while the price of premium diesel would increase NT$0.3 to NT$29.2 per liter.
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