Gasoline and diesel prices are to increase NT$0.2 per liter this week, while liquefied natural gas (LNG) prices for retail and industrial users are to remain unchanged, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
CPC said global crude oil prices fell last week, as Russia’s reduced natural gas supply to Europe and the US Federal Reserve’s rate hikes of 75 basis points weighed on market sentiment.
However, after factoring in depreciation of the New Taiwan dollar, which was down NT$0.02 against the US dollar last week, the cost of crude oil imports rose 0.02 percent from a week earlier based on CPC’s floating oil price formula, the state-run firm said.
The formula would have led to price increases of NT$5.4 per liter for gasoline and NT$6.8 per liter for diesel, but CPC used a price stabilization mechanism to absorb part of the price increase, citing a government policy to keep domestic fuel prices lower than in neighboring markets, the company said.
Effective today, gasoline prices at CPC stations are to rise to NT$29.5, NT$31 and NT$33 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to rise to NT$27.3 per liter, it said.
Other factors that weighed on the oil market last week included the IMF cutting its global growth forecast and a plunge in US crude inventories, Formosa Petrochemical said in its statement.
Formosa’s prices for 92, 95 and 98-octane unleaded gasoline are to rise to NT$29.5, NT$31 and NT$33 per liter respectively, while the price of premium diesel is to cost NT$27.1 per liter, it said.
Separately, CPC said it would continue to suspend LNG price increases for retail and industrial users this month, although prices for power generation users such as Taiwan Power Co (台電) are to rise 5 percent, adding that the increase should add NT$6.6 billion to its revenue by the end of the year.
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