Prices of gasoline and diesel at domestic fuel stations are to rise NT$0.2 and NT$0.3 per liter respectively this week after international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday.
International crude oil prices last week snapped a two-week losing streak as US President Donald Trump’s administration announced agreements with the EU and a number of other trading partners over the week, boosting market optimism that an economic slowdown could be avoided and raising hopes for oil demand, CPC said.
As Trump stepped up pressure on Russia to reach a ceasefire agreement with Ukraine — threatening to impose “secondary tariffs” on countries that buy Russian oil — market concerns grew over potential disruptions to Russian supply, pushing up international crude oil prices last week, Formosa said.
Front-month Brent crude oil futures — the international oil benchmark — last week rose 2.97 percent to settle at US$69.67 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 3.33 percent to US$67.33 per barrel on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.1, NT$28.6 and NT$30.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$26 per liter at CPC stations and NT$25.8 at Formosa pumps, they added.
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