Gasoline and diesel prices are to increase NT$0.3 and NT$0.2 per liter respectively this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, after international oil prices fluctuated slightly last week, with the average price higher than the previous week.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.3, NT$28.8 and NT$30.8 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.
CPC said it is raising prices of liquefied petroleum gas (LPG) this month after keeping prices unchanged for more than four years.
The prices of LPG for household use, industrial-use propane, butane and propane-butane mixture would be hiked by NT$0.45 per kilogram, the state-run company said.
The price of LPG used in vehicles would be increased by NT$0.3 per liter, it added.
However, CPC said liquefied natural gas prices would not change for household users this month, while prices for industrial users are to drop 2.11 percent and those for power generation users such as Taiwan Power Co (台電) are to fall 3.12 percent from last month.
The latest adjustments in fuel prices come as crude oil markets last week were affected by a variety of factors, such as the continued decline in US commercial crude oil stockpiles and the easing of US-China trade tensions following a meeting between the two countries’ leaders in South Korea, the companies said.
The possibility of further production increases by OPEC+ next month raised concerns over rising global supply and outweighed the impact of US sanctions on Russian oil exports, they said.
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