Gasoline and diesel prices are to increase by NT$0.5 and NT$0.6 per liter respectively this week on the back of rising global crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
Global crude oil prices moved higher last week, as Saudi Arabia raised prices for Asian buyers next month, and US commercial crude oil inventories had declined for seven consecutive weeks, the companies said in separate statements.
Crude oil prices also rose as the cold weather in the US and Europe pushed up demand for motor and home-heating fuels, they added.
Front-month US West Texas Intermediate crude oil futures rose 3.53 percent last week to US$76.57 a barrel, while Brent increased 4.25 percent to US$79.76, Dow Jones Newswires reported on Saturday.
Based on its floating oil price formula, the cost of crude oil rose 1.92 percent last week from a week earlier, CPC said.
Effective today, gasoline prices at CPC and Formosa stations are to increase to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to be NT$28 per liter at CPC stations and NT$27.8 at Formosa pumps, they said.
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