State-run Chinese Petroleum Corp (中油), the nation's largest producer of petroleum products, said it was raising the wholesale prices of unleaded gasoline and diesel fuel by NT$1 and NT$0.50 per liter respectively on rising global oil prices.
The hikes by Chinese Petroleum -- about 5.55 percent on average for various fuel products -- go into effect today. It remains to be seen if individual stations will immediately hike prices to reflect the price change.
Global oil prices are on the rise out of fear the US may be planning a military campaign against major producer Iraq, which has driven international prices of crude oil to nearly US$30 per barrel recently, a Chinese Petroleum official said at a press conference yesterday.
"Take the price of West Texas Intermediate crude oil as an example. It has climbed to US$29.3 per barrel from US$25.3 per barrel since June 1," said Lin Sheng-pi (林勝比), vice executive director of the oil marketing and transportation division. "The international price of crude has jumped by almost 10 percent in the last week alone."
Lin said rising oil prices have greatly increased operational costs at Chinese Petroleum. "Every US$1 increase in the price of crude oil will create an extra NT$7 billion in purchasing costs for Chinese Petroleum each year," he said.
If the company does not raise the pump prices now, it would suffer a monthly loss of NT$500 million, Lin added.
Less than one hour after Chinese Petroleum announced oil price hikes yesterday, rival Formosa Petrochemical Co (台塑石化), the second largest oil firm, said it would raise prices by NT$0.80 for unleaded gasoline and NT$0.40 for diesel fuel per liter, starting today as well.
With Formosa Petrochemical announcing a smaller price hike, Chinese Petroleum immediately informed the press last night that gas stations supplying Chinese Petroleum products are free to adjust pump prices as they see fit.
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