The nation’s two major refiners yesterday announced that they would raise gasoline and diesel prices by NT$0.2 per liter from today, ending five weeks of price cuts.
Following the adjustments, domestic gasoline prices at CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) 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.
Premium diesel would cost NT$27.2 per liter at CPC stations and NT$27 at Formosa pumps.
The increases come even as international crude oil prices fell last week compared with the previous week, CPC and Formosa said in separate statements.
Front-month US West Texas Intermediate crude oil futures edged up 0.33 percent to US$69.49 per barrel on Friday, but declined 3.19 percent in the week, while Brent crude oil futures rose 0.4 percent to US$73.1 per barrel on Friday, falling 3.35 percent for the week, Dow Jones Newswires reported on Saturday.
The global oil market experienced a volatile week of trading last week, with crude prices falling earlier last week, as the Israeli military’s recent airstrikes on Iran avoided Iranian oil facilities, CPC and Formosa said.
However, it rose later in the week amid market speculation that OPEC+ could delay next month’s planned oil production increase by a month or more.
However, this week’s average price levels are still lower than the previous week’s, they said.
Separately, prices of liquefied petroleum gas (LPG) products, including household and automotive LPG, propane and butane, as well as propane and butane mixes, would remain unchanged this month, CPC said.
Liquefied natural gas prices for retail users would also stay the same this month, although prices for industrial users would rise 3 percent from last month, it added.
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