TAIPEI: State-run oil refiner CPC Corp, Taiwan (CPC) yesterday said it would raise domestic gasoline and diesel prices by NT$1 per liter, effective today, to reflect sharply rising import costs — the first time in seven weeks that it has increased fuel prices.
It said in a statement that international crude oil prices surged significantly last week as a massive snowstorm on the east coast of the US pushed up demand for motor and home-heating fuels.
Global oil prices were also boosted by Russia’s planned discussion with OPEC about reducing oil production, CPC said.
CPC’s average crude import costs last week increased to US$28.79 per barrel from the previous week’s US$24.89 per barrel, and after factoring in the New Taiwan dollar’s appreciation against the US dollar, CPC said it would raise prices by 11.24 percent.
Formosa Petrochemical Corp on Saturday said it would increase the wholesale prices of its gasoline and diesel products by NT$1.03 and NT$1.05 per liter respectively, effective yesterday.
It said its gas station operators would decide the scale of price increase, but there would likely be an increase of NT$1 per liter.