Gasoline prices are to rise NT$0.3 per liter this week, while diesel prices are to remain unchanged from last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
The increase in gasoline prices comes after five consecutive weeks of price cuts.
Prices at CPC and Formosa stations would rise to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel would stay at NT$27.1 per liter at CPC pumps and NT$26.9 at Formosa stations, they said.
CPC said global crude oil prices fluctuated in volatile trading last week, as China reported lower-than-expected economic growth data and traders expected the US Federal Reserve’s interest rates to rise more than expected, potentially affecting oil demand.
After factoring in the depreciation of the New Taiwan dollar, which fell NT$0.109 against the US dollar last week, CPC said that its floating oil price formula showed the cost of crude oil last week increased 0.25 percent from the previous week.
Formosa said other factors also weighed on the oil market last week, including Saudi Arabia raising its prices for next month’s crude oil shipments to Asia and anticipated lower crude oil imports to China.
The new prices take effect today.
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