Gasoline and diesel prices are to increase by NT$0.6 and NT$0.5 per liter respectively this week as international crude oil prices continued to rise last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
CPC attributed the rise in crude oil prices last week to Saudi Arabia raising prices of crude oil sold to Europe and Asia next month and the kingdom’s extended production cuts with Russia through next month.
Other factors, such as the US Energy Information Administration upgrading its economic growth forecast for the country, potential escalation of the Russia-Ukraine war and weaker-than-expected Chinese economic data, also weighed on the global oil market during the week, Formosa said.
Based on CPC’s floating oil price formula, the cost of crude oil increased 2.51 percent from a week earlier, it said.
Gasoline prices at CPC and Formosa stations are today to increase to NT$31.1, NT$32.6 and NT$34.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to rise to NT$28.7 at CPC stations and to NT$28.5 at Formosa pumps, they said.
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