Gasoline prices in the nation are to rise NT$0.2 per liter this week, while the cost of diesel fuel is to increase by NT$0.3 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday.
The rises in fuel prices following drops of NT$1.0 per liter for gasoline and NT$0.2 per liter for diesel comes after international crude oil prices rose last week on the back of better-than-expected US employment figures for last month and an expanded output cut by OPEC+ this month, CPC said.
CPC said that based on its floating oil price formula, the cost of crude oil was 1.15 percent higher last week than a week earlier.
Meanwhile, the US government’s plan to replenish its Strategic Petroleum Reserve and an ongoing US government debt limit impasse also affected sentiment in the oil market, Formosa said.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to increase to NT$27.6 per liter at CPC stations and to NT$27.4 at Formosa pumps, they said.
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