CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) are to raise domestic gasoline and diesel prices this week as international crude oil prices rose last week.
In separate statements yesterday, state-run CPC and privately owned Formosa said that they would increase gasoline prices by NT$0.4 per liter, effective today, after cutting prices by NT$0.3 per liter the previous week.
The companies would also hike diesel prices by NT$0.1 per liter, increasing for a third consecutive week.
The companies said global oil prices continued to climb as attacks on cargo vessels in the Red Sea by Yemen’s Houthi rebels triggered market concerns about oil supply.
In addition, investors’ growing anticipation of a dovish policy pivot from the US Federal Reserve boosted sentiment in the oil market, they added.
Following the adjustments, gasoline prices at CPC and Formosa stations are to rise to NT$29.6, NT$31.1 and NT$33.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, they said.
Premium diesel is to climb to NT$28.0 per liter at CPC stations and NT$27.8 at Formosa pumps, they said.
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