Prices of gasoline and diesel products at domestic fuel stations are this week to rise NT$0.4 per liter, after international crude oil prices last week ended a two-week losing streak, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices rose after US President Donald Trump’s administration imposed fresh sanctions on Iran to curb oil exports from the Middle Eastern country, CPC said in a statement.
In addition, several OPEC+ members submitted output-reduction plans to compensate for producing above their respective quotas since last year, which also helped boost crude oil prices last week, Formosa said in a separate statement.
Front-month Brent crude oil futures — the international benchmark — on Friday increased 4.94 percent last week to US$67.96 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US benchmark — rose 5.17 percent to US$64.68 per barrel on the New York Mercantile Exchange.
Based on CPC’s floating oil price formula, the cost of its crude oil imports rose 1.91 percent last week from a week earlier, the company said.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$28.3, NT$29.8 and NT$31.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$26.9 per liter at CPC stations and NT$26.7 at Formosa pumps, the companies said.
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