State-run Chinese Petroleum Corp (CPC) announced late last night that it would raise wholesale gasoline and diesel oil prices by NT$2 per liter, the company said in a statement.
The new rates went into effect at midnight last night.
After the adjustment, the retail price of 98-octane unleaded gasoline will be NT$29.1, that of 95-octane unleaded gasoline will be NT$27.6, while 92-octane unleaded gasoline will cost NT$26.9. The price of top-grade diesel oil will rise to NT$23.5.
CPC, the nation's largest oil refiner, also announced that it would hike the price of fuel oil by NT$740 per kiloliter, and that of liquefied natural gas by NT$1.41 per kilogram, the statement said.
CPC said that although West Texas Intermediate (WTI) crude oil prices have surged by 67 percent to NT$70 per barrel, from US$42 per barrel last year, CPC had raised the prices for gasoline, diesel oil and fuel oil by only NT$11.8, NT$19.4 and NT$16.3, respectively.
As a result, CPC reported a deficit of NT$13.8 billion (US$424.64 million) for the first quarter of the year, and may see the loss widen to more than NT$50 billion by the end of this year if the company keep selling gasoline at current rates, CPC Chairman Pan Wenent (潘文炎) said last week.
Matiz Lin (林明憲), a public relations official at Formosa Petrochemical Corp, a privately-owned oil refiner, said the company may match the hike today. He did not give a specific time.
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