Taipei, Taiwan's two main fuel suppliers will be raising gasoline prices for a sixth week in a row this coming week because of international factors.
State-run oil refiner CPC Corp., Taiwan announced an increase of NT$0.60 per liter for gasoline products and NT$0.10 per liter for diesel effective midnight Sunday.
After the adjustments, suggested retail prices at CPC gas stations will be NT$28.50 (US$0.92) per liter for 92 octane unleaded, NT$30.00 per liter for 95 octane unleaded, NT$32.00 per liter for 98 octane unleaded, and NT$26.80 per liter for super diesel.
CPC cited Venezuela's historically low oil production and an agreement between the Organization of the Petroleum Exporting Countries and Russia to decrease production as driving crude oil prices higher in the past week, pushing prices at the pump higher.
The company adjusts its fuel prices based on weekly changes in the price of international crude oil using a weighting of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula and the slight appreciation of the Taiwan dollar, the domestic price of gasoline and diesel should have been increased by NT$0.90 and NT$0.10 per liter, respectively, the company said.
While the increase in diesel will be fully reflected at gas stations, CPC could only raise its gasoline prices by NT$0.60 because of a rule capping gas prices at no higher than the lowest price found in the markets of Taiwan's main competitors -- Japan, South Korea, Hong Kong and Singapore.
Meanwhile, CPC's main rival, Formosa Petrochemical Corp., announced identical price adjustments for its gasoline and diesel products Sunday, to take effect 1 a.m. Monday.
Prices at Formosa Petrochemical gas stations will be NT$28.50 per liter for 92 octane unleaded, NT$29.90 per liter for 95 octane unleaded, NT$32.00 per liter for 98 octane unleaded, and NT$26.60 per liter for diesel.
Source: Focus Taiwan News Channel