CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would raise gasoline prices by NT$0.2 per liter, effective today, after cutting prices by NT$0.1 per liter last week.
The price of diesel would also increase by NT$0.1 per liter this week, after remaining unchanged the previous week, the companies said.
Prices at CPC stations would increase to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$26.9 per liter, the state-owned refiner said.
Prices at Formosa stations would advance to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$26.7 per liter, the company said.
CPC said in a statement that based on its floating oil price formula, the cost of crude oil last week increased 1.2 percent from a week earlier.
The company attributed the increase to positive market sentiment driven by factors such as the G7’s plan to set a ceiling on Russian oil prices and OPEC’s optimistic view on global oil demand.
CPC said gasoline and diesel prices should have risen by NT$3.7 and NT$4.9 per liter this week, but it implemented a price stabilization mechanism to absorb part of the increase in compliance with government policy.
In the first eight months of this year, CPC spent NT$31.79 billion (US$1.02 billion) to absorb higher fuel costs, it said.
Other factors that also weighed on the oil market last week include stalled negotiations on the Iran nuclear deal, the US’ plan to replenish its strategic oil reserves and anticipated rate hikes by the US Federal Reserve that boosted the US dollar, Formosa said in a separate statement.
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