Taipei, As international oil prices continue to go upward, Taiwan's two major oil companies will hike the prices at their gas stations around the nation.
State-run oil refiner CPC Corp., Taiwan announced in a statement that effective midnight March 17, the adjusted price of 92 octane unleaded gasoline will be NT$26.80 (US$0.86) per liter; 95 octane unleaded will be raised to NT$28.30 per liter; and 98 octane unleaded will cost NT$30.30 per liter, according to CPC.
The cost of super diesel will be NT$25.90 per liter.
The average crude price computed on the 7D3B formula, which is made up of 70 percent Dubai crude and 30 percent Brent crude, was at US$66.94 per barrel this week, up US$1.58 from last week's US$65.36, according to the CPC.
A continuing drop in Saudi Arabia's oil production and Venezuela's decreased oil exports are among the reasons that have driven up the international crude oil price.
Meanwhile, CPC's main competitor Formosa Petrochemical Corp. (FPCC) announced on its website that it will raise its gasoline prices by NT$0.30 per litter and its diesel price by NT$0.40 per litter beginning 1 a.m. Monday.
FPCC's 92 octane unleaded gasoline will cost NT$26.80 per liter, 95 octane unleaded at NT$28.20 per liter, 98 octane unleaded at NT$30.30 per liter, and its diesel at NT$25.70 per liter.
However, Formosa Petrochemical Corp. also said retail prices may vary at their gas stations nationwide.
Source: Focus Taiwan News Channel