Prices of gasoline and diesel products at domestic fuel stations are to rise by NT$0.1 per liter this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday, despite international crude oil prices posting a weekly decline due to trade tensions that have raised concerns over global oil demand.
Gasoline prices at CPC and Formosa stations are to rise to NT$26.9, NT$28.4 and NT$30.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps, they added.
The companies’ price adjustments were against market trends, as international crude oil prices fell for a second consecutive week last week after the market reacted to a mixed bag of factors.
While developments such as a bigger-than-expected decline in US crude oil inventories in the week ending on July 18, the continued escalation of US-EU trade tensions, and Russian plans to reduce gasoline exports had brightened market sentiment slightly, this optimism was largely dented by traders’ expectation that the EU’s new round of sanctions against Moscow would be unable to effectively restrict the country’s crude oil supply.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 1.21 percent to settle at US$68.44 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 1.35 percent to US$65.16 per barrel on the New York Mercantile Exchange.
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