Gasoline and diesel prices are to increase by NT$0.4 per liter today after global crude oil prices rose 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 last week increased as an explosion at an offshore oil platform in the Gulf of Mexico affected output by about 700,000 barrels, while Saudi Arabia and Russia have decided to cut oil production next month, CPC said.
Other factors, such as a slower-than-expected increase in the US consumer price index last month, a decline in the US dollar index, which tracks the greenback against six other currencies, and a jump in China’s crude oil imports last month also boosted oil prices last week, Formosa said in a separate statement.
Based on CPC’s floating oil price formula, the cost of crude oil last week increased 3.84 percent from a week earlier, it said.
Gasoline prices at CPC and Formosa stations are today to increase to NT$29.5, NT$31.0 and NT$33.0 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 at CPC stations, and NT$27.5 at Formosa pumps, they said.
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