CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would raise gasoline and diesel prices by NT$0.1 per liter this week, effective today, after keeping their fuel prices unchanged last week.
Prices at CPC stations would rise to NT$28.3, NT$29.8 and NT$31.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase to NT$25.4 per liter, CPC said in a statement.
Prices at Formosa stations would rise to NT$28.3, NT$29.7 and NT$31.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase to NT$25.2 per liter.
State-run CPC said that based on its floating oil price formula, the cost of crude oil last week increased 3.35 percent from a week earlier, as oil production in the Gulf of Mexico has not yet fully recovered from Hurricane Ida and Tropical Storm Nicholas, while major oil-producing countries in Africa face difficulties in increasing oil production.
Based on the formula, its gasoline and diesel prices would have increased by NT$1.2 and NT$2.2 per liter respectively, but CPC decided to absorb the cost increase to comply with government policy, it said.
Formosa said in a separate statement that surging natural gas prices had led to increased demand for fuel for power generation, which in turn pushed up crude oil prices.
However, a stronger US dollar and an unexpected increase in US crude oil inventories capped the increase in oil prices last week, Formosa added.
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