Prices of gasoline and diesel at domestic fuel stations are to rise 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 sizeable weekly decline.
International crude oil prices fell last week, as members of the OPEC+ alliance decided to significantly increase production next month, the companies said.
In addition, reports of a planned meeting between US President Donald Trump and Russian President Vladimir Putin later this week, aimed at discussing an end to Moscow’s war in Ukraine, boosted market optimism that the White House would refrain from imposing tougher sanctions on Russian crude and refined product exports, driving international oil prices lower last week, they added.
Front-month Brent crude oil futures — the international oil benchmark — last week dropped 4.42 percent to settle at US$66.59 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 5.12 percent to US$63.88 per barrel on the New York Mercantile Exchange.
However, CPC and Formosa decided to adjust their fuel prices upward after taking into account global oil market trends, the exchange rate of the New Taiwan dollar and intense competition in the domestic market, the companies said.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.2, NT$28.7 and NT$30.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements.
Premium diesel is to cost NT$26.1 per liter at CPC stations and NT$25.9 at Formosa pumps, they added.
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