Gasoline prices are set to increase by NT$0.4 per liter this week as global crude oil prices increased 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 rose last week after OPEC expressed optimism about the prospects for oil demand this year and next, despite ceasefire negotiations between Israel and Hamas having seemingly reached an impasse, the companies said.
State-run CPC said its crude oil price last week increased 3.11 percent from a week earlier, and its gasoline and diesel prices should have increased by NT$2.2 and NT$3.0 per liter respectively.
However, the company would absorb part of the cost increases and use a price stabilization mechanism to comply with a government policy of keeping domestic fuel prices lower than in neighboring markets such as Japan, South Korea, Hong Kong and Singapore, it said.
Gasoline prices at CPC and Formosa stations are today to increase to NT$29.4, NT$30.9 and NT$32.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
However, the price of premium diesel is to drop NT$0.1 per liter to NT$26.9 at CPC stations, while the price is to drop to NT$26.7 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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