The nation’s two major refiners yesterday announced that they would raise gasoline and diesel prices by NT$0.1 per liter from today, ending two 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$28.6, NT$30.1 and NT$32.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel would cost NT$27.3 per liter at CPC stations and NT$27.1 at Formosa pumps.
The increases come as international crude oil prices increased last week compared with the previous week, after the US Federal Reserve announced interest rate cuts and US commercial crude oil inventories continued to decrease, CPC and Formosa said in separate statements.
In addition, the Chinese government’s statement that it would adopt proactive monetary and fiscal policies next year to boost the economy, as well as the EU’s announcement of a new round of sanctions on Russian oil exports, helped boost crude oil prices last week, they added.
CPC said that based on its floating oil price formula, the cost of crude oil rose 0.82 percent last week from a week earlier.
After factoring in domestic market competition and global market trends, CPC and Formosa said they are increasing fuel prices by NT$0.1 per liter, following a cut of NT$0.1 per liter the previous week.
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