Taipei-State-run oil refiner CPC Corp. Taiwan, one of Taiwan's two major fuel suppliers, announced a slight hike in fuel prices in the coming week, bringing the total increase to nearly NT$1 per liter over the past three weeks.
The price of its gasoline and diesel will increase by NT$0.1 (US$0.0033) per liter, from midnight Sunday, the company said.
Prior to the latest increase, gasoline and diesel prices had already been raised by NT$0.7 and NT$0.8 per liter, respectively, from Dec. 9 to 23, according to CPC statistics.
After the latest increase, retail prices at CPC gas stations will be NT$27.7 per liter for 92 octane unleaded, NT$29.2 per liter for 95 unleaded, NT$31.2 per liter for 98 unleaded, and NT$25.7 per liter for super diesel.
CPC explained that global crude oil prices edged higher in the past week due to the expected signing of a phase one trade agreement between the United States and China next month, which would likely boost trade and consequently demand for oil.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude rose US$0.80 over the past week from US$66.73 to US$67.53 per barrel, the company said.
Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp. (FPCC), announced identical fuel price hikes, which will take effect at 1 a.m. Monday.
FPCC said prices at its gas stations will be NT$27.7 per liter for 92 unleaded, NT$29.1 per liter for 95 unleaded, NT$31.2 per liter for 98 unleaded and NT$25.5 per liter for super diesel.
Source: Focus Taiwan News Channel