CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would increase gasoline and diesel prices for an eighth consecutive week, effective today.
CPC said that it would raise gasoline prices by NT$0.3 per liter to NT$25, NT$26.5 and NT$28.5 for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel would increase by NT$0.1 per liter to NT$22.4.
Based on CPC’s floating oil price formula, the cost of crude oil last week increased 3.8 percent from a week earlier, after Saudi Arabia raised crude oil prices for Asian shipments next month and US commercial crude inventories dropped for a fifth consecutive week, the state-run refiner said in a statement.
Formosa said that it would also increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.3 per liter to NT$25, NT$26.6 and NT$28.5 respectively, while premium diesel would also rise by NT$0.1 to NT$22.2 per liter.
The company attributed its price hikes to a positive market sentiment after Saudi Arabia pledged to cut more crude oil output from next month.
Oil prices were also higher last week amid hopes of additional economic aid after US president-elect Joe Biden takes office, it said.
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