Gasoline and diesel prices are to rise by NT$0.5 and NT$0.6 per liter respectively this week due to an increase in global crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Crude oil prices moved up last week after Iraq halted crude exports to Turkey from its northern region and Russia announced plans to deploy nuclear weapons in Belarus, the companies said.
Oil prices were also affected by First Citizens BancShares Inc’s announcement that it would acquire Silicon Valley Bank, which was seized by US regulators following a run on the lender, they said.
Effective today, gasoline prices at CPC and Formosa stations are to increase to NT$28.9, NT$30.4 and NT$32.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to rise to NT$27.7 per liter at CPC stations and to NT$27.5 at Formosa pumps this week, they said.
Separately, CPC said that it would keep prices of liquefied petroleum gas (LPG) products — such as household and automotive LPG, propane and butane, as well as propane and butane mixes — unchanged, despite a drop in the LPG price on the international market.
The company is also to maintain liquefied natural gas (LNG) prices unchanged for retail and industrial users this month, but LNG prices for power generation users such as Taiwan Power Co (台電) are to drop 6 percent, it said.
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