CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) are to raise domestic diesel prices this week, while leaving gasoline prices unchanged for a third week.
In separate statements yesterday, state-run CPC and privately owned Formosa said that they would hike diesel prices by NT$0.6 per liter, effective today, after cutting prices by NT$0.1 per liter the previous week.
Based on its floating oil price formula, the cost of crude oil last week declined by 5.14 percent from a week earlier, CPC said.
The company said it decided to absorb the increases to comply with the government’s price stabilization policy. In the first 11 months of this year, CPC spent NT$15.84 billion (US$504.9 million) to absorb higher fuel costs, it said.
Formosa said market sentiment last week was affected by Saudi Arabia’s announcement that it would cut prices for Asian deliveries next month and a higher-than-expected increase in US inventories.
The company followed CPC’s price adjustments after taking into account trends in the global oil market, the New Taiwan dollar exchange rate and fierce competition in the domestic market, it said.
Effective today, gasoline prices at CPC and Formosa stations are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
Premium diesel is to cost NT$27.6 per liter at CPC stations and NT$27.4 at Formosa pumps, they said.
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