Gasoline prices are to increase NT$0.3 per liter today due to a rise in global crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Crude oil prices last week increased as OPEC+ extended an agreement to cut production until the end of next year, while Saudi Arabia announced it would cut production by 1 million barrels per day starting next month, CPC said.
Other factors that weighed on the oil market last week included a significant increase in crude oil imports by China last month and market speculation about potential progress in US-Iran nuclear negotiations, Formosa said.
Based on CPC’s floating oil price formula, the cost of crude oil last week increased 1.99 percent from a week earlier, it said.
Gasoline prices at CPC and Formosa stations are today to increase 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 stay unchanged at NT$27.0 at CPC stations, and at NT$26.8 at Formosa pumps, after the companies factored in their oil price formulas, domestic market competition and global market trends, they said.
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