The nation’s two refiners yesterday said they would raise gasoline prices by NT$0.8 per liter and diesel prices by NT$0.9 a liter this week, after lowering prices for both by NT$0.2 per liter each the previous week.
The price adjustments came as international crude oil prices rose last week due to political turmoil in Iran, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements.
Effective today, gasoline prices at CPC and Formosa stations are to increase 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.
The price of premium diesel is to rise to NT$25.7 per liter at CPC stations and NT$25.5 at Formosa pumps, they said.
While developments in Iran remain the main drivers of prices on the oil market, concerns over imminent US military action against Iran have subsided, the companies said.
Brent crude oil futures — the international oil benchmark — last week rose 1.25 percent to settle at US$64.13 per barrel on the Intercontinental Exchange.
West Texas Intermediate crude oil futures — the US oil benchmark — gained 0.54 percent to US$59.44 per barrel on the New York Mercantile Exchange.
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