Gasoline and diesel prices are to rise NT$0.1 and NT$0.2 per liter respectively this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, despite a fall in global oil prices last week.
With a ceasefire agreement reached between Israel and Lebanon’s Hezbollah as well as OPEC+ expected to postpone the planned oil output increase scheduled to start next month, global crude oil prices fell last week from the previous week, the companies said in separate statements.
Front month US West Texas Intermediate crude oil futures dropped 4.55 percent last week to US$68 a barrel and Brent crude futures decreased 2.97 percent to US$72.94 per barrel on Friday, Dow Jones Newswires reported on Saturday.
After factoring in the exchange rate for the New Taiwan dollar, domestic market competition and global market trends, retail prices of gasoline and diesel are to rise NT$0.1 and NT$0.2 per liter respectively this week, the companies said.
Effective today, domestic gasoline prices at CPC and Formosa stations are to increase to NT$28.7, NT$30.2 and NT$32.2 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel would cost NT$27.4 per liter at CPC stations and NT$27.2 at Formosa pumps.
Separately, prices of liquefied petroleum gas (LPG) products, including household and automotive LPG, propane and butane, as well as propane and butane mixes, would remain unchanged this month, CPC said.
Liquefied natural gas prices for retail users would also stay the same this month, although prices for industrial users would rise 3 percent from last month, it added.
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Motorists ride past a mural along a street in Varanasi, India, yesterday.
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