Taipei-State-owned oil refiner CPC Corp. Taiwan will raise domestic gasoline and diesel prices this week, following a hike last week that pushed fuel prices at CPC pumps countrywide to the highest level since December 2014.
CPC said Sunday that its gasoline and diesel prices will be increased by NT$0.2 (US$0.007) per liter, effective midnight.
After the adjustment, prices at CPC gas stations will be NT$24.8 per liter for super diesel, NT$26.9 per liter for 92 octane unleaded, NT$28.4 per liter for 95 unleaded and NT$30.4 per liter for 98 unleaded, CPC said.
The company said it was raising prices again because of climbing crude oil prices, which have been driven by a decrease in the United States' crude oil inventory for seven consecutive weeks and political turmoil in Iran, a major oil-producing country.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Based on the latest increases in crude prices, CPC has calculated the average price of crude oil at US$65.72 per barrel, an increase of US$1.26 from a week earlier, according to its website.
CPC's main competitor, Formosa Petrochemical Corp., announced on Saturday an identical increase in fuel prices that will take effect at 1 a.m. Monday.
Source: Focus Taiwan News Channel