TAIPEI: State-run oil refiner CPC Corp, Taiwan (CPC) yesterday said that it would raise its gasoline and diesel prices by NT$1.1 per liter this week, effective today.
The upward revision reflects a 9.42 percent uptick in the company’s weighted oil procurement price formula — 70 percent Dubai crude and 30 percent Brent crude — with prices jumping US$4.29 per barrel from US$35.90 to US$40.19 last week, CPC said in a statement.
The price adjustments came after the company factored in the New Taiwan dollar’s appreciation of NT$0.05 against the US dollar during the period, the company said.
CPC said its wholesale price of 92-octane unleaded gasoline is to drop to NT$22 per liter, 95-octane unleaded gasoline is to be NT$23.5 per liter, while 98-octane unleaded is to be NT$25.5 per liter and premium diesel is to rise to NT$19.4 per liter.
CPC made the move one day after private rival Formosa Petrochemical Corp said it would raise its wholesale gasoline and diesel prices by NT$1.1.
It is not clear if oil product prices are to rise or fall this week in Taiwan, as pricing is subject to a meeting of oil producing nations in Doha.
