Gasoline and diesel prices are to rise NT$0.1 per liter this week, despite a decline 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.
Effective today, gasoline prices at CPC and Formosa stations are to increase to NT$29.3, NT$30.8 and NT$32.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to rise to NT$26.8 per liter at CPC stations and to NT$26.6 at Formosa pumps, they said.
CPC said that based on its floating oil price formula, the cost of crude oil fell 4.38 percent last week from a week earlier, while Formosa said market sentiment had turned sour after OPEC and its allies said they would gradually reduce the scale of output cuts starting in October.
The firm followed CPC’s price adjustments accounting for trends in the global oil market, the exchange rate for the New Taiwan dollar and fierce competition in the domestic market, Formosa said.
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