Domestic gasoline and diesel prices are to rise by NT$0.4 and NT$0.3 per liter respectively this week, following an increase of NT$0.1 per liter last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
While international oil prices fell last week, the two companies are this week raising domestic fuel prices after considering factors such as the trend of international oil prices, the exchange rate of the New Taiwan dollar against the US dollar, competition in the domestic market and a government policy of keeping domestic fuel prices lower than in neighboring markets, they said in separate statements.
Gasoline prices at CPC stations are to rise to NT$30, NT$31.5 and NT$33.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to increase to NT$27.7 per liter, the state-run company said.
Formosa Petrochemical said its prices for 92, 95 and 98-octane unleaded gasoline are to rise to NT$30, NT$31.5 and NT$33.5 per liter respectively, while the price of premium diesel is to climb to NT$27.5 per liter.
CPC said global oil prices fell last week as the market sentiment was hit by accelerated rate hikes by major central banks around the world, along with the expansion of Chinese imports of Russian oil, while oil prices were also dragged down by weaker manufacturing purchasing managers’ index data in the US and Europe, Formosa said.
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