TAIPEI: The nation’s two oil refiners announced here the other day that they would raise domestic gasoline and diesel prices by NT$0.3 per liter and NT$0.4 a liter respectively, effective today.
CPC Corp Taiwan said global crude oil prices rose last week, after the latest data showed the US oil rig count fell to 703 last week from 1,534 rigs a year ago.
Oil prices also moved higher last week because of geopolitical risk factors, such as a bombing in Yemen, CPC said in a statement.
Meanwhile, market sentiment turned strong after China cut its reserve requirement ratio by 1 percentage point to boost its economy, Formosa Petrochemical Corp said in a separate statement.
CPC’s average oil costs increased by 2.21 percent last week after factoring in the appreciation of the New Taiwan dollar against the US dollar. The company’s weighted oil price formula showed prices rose by US$1.95 per barrel to US$60.87, the company said.
