Taipei, Domestic gasoline and diesel prices will increase by NT$0.5 (US$0.016) this week to the highest level since October 2014, due to a hike in international crude oil prices, Taiwan's two major suppliers said Sunday.
State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, fuel prices at CPC gas stations nationwide will be NT$30.0 per liter for 92 octane unleaded, NT$31.5 per liter for 95 unleaded, NT$33.5 per liter for 98 unleaded and NT$28.2 per liter for super diesel.
The previous all-time high for fuel prices was Oct. 13, 2014, when the prices were NT$30.9 per liter for 92 octane unleaded and NT$32.4 per liter for 95 unleaded.
International oil prices rose last week over renewed concerns about a tightening global market as U.S. President Donald Trump's demand that the Organization of the Petroleum Exporting Countries (OPEC) take rapid action to increase oil production and "get prices down" received only a tepid response, according to CPC.
Brent crude rose to above US$80 a barrel last week, according to the CPC.
The rise was also attributed to a statement issued by U.S. Energy Secretary Rick Perry that the U.S. has no plans to tap the nation's emergency oil stockpile to offset supply losses from Iran, according to CPC.
Meanwhile, privately run Formosa Petrochemical Corp. announced that it will raise gasoline and diesel prices by NT$0.5 per liter, effective from 1 a.m. Monday, in reflection of the hike in international crude oil prices.
After the latest adjustments, prices at Formosa Petrochemical gas stations nationwide will be NT$27.9 per liter for super diesel, NT$30 per liter for 92 octane unleaded, NT$31.4 per liter for 95 unleaded and NT$33.5 per liter for 98 unleaded, the company said.
Source: Focus Taiwan News Channel