Domestic gasoline and diesel prices are to rise by NT$0.2 and NT$0.3 per liter respectively this week, despite international crude oil prices falling last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Global oil prices fell earlier last week after China’s latest economic data missed market expectations, but staged a rebound later in the week as the market speculated US president-elect Donald Trump might tighten oil sanctions against Iran and Venezuela after taking office, the companies said.
Still, the weekly average prices were lower than the previous week’s, they added.
Front month US West Texas Intermediate crude oil futures dropped 4.77 percent last week to US$67.02 a barrel and Brent crude futures decreased 3.83 percent to US$71.04 per barrel, Dow Jones Newswires reported on Saturday.
After factoring in the exchange rate for the NT dollar, domestic market competition and global market trends, retail prices of gasoline and diesel prices are to rise NT$0.2 and NT$0.3 per liter respectively this week after falling NT$0.4 per liter last week, the companies said.
Effective today, domestic gasoline prices at CPC and Formosa stations are to increase to NT$28.6, NT$30.1 and NT$32.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel would cost NT$27.1 per liter at CPC stations and NT$26.9 at Formosa pumps.
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