Taipei, Taiwan's two major petroleum companies said Sunday that their gasoline prices will increase slightly this week, while their diesel prices will drop.
The state-run oil refiner CPC Corp., Taiwan said on its website that its gasoline prices will go up by NT$0.20 but it will cut diesel prices by NT$0.10, with effect from midnight Sunday.
With those adjustments, prices at CPC fuel stations will be NT$27.50 (US$0.89) per liter for 92 octane unleaded gasoline, NT$29.00 per liter for 95 octane unleaded, NT$31.00 per liter for 98 octane unleaded, and NT$25.90 per liter for super diesel.
The company said that while Saudi Arabia reportedly was planning to aggressively hike fuel prices, supplies from the United States remained at a high level, thus balancing the international market.
CPC said that on the basis of its weekly weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude, its domestic fuel prices should drop by 0.55 percent this week.
However, the company said, it had to raise its gasoline price after its losses in the past few weeks, which were due to guidelines that set a price ceiling to match the lowest prices in Japan, South Korea, Hong Kong and Singapore -- four of Taiwan's major industrial competitors.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), announced identical price adjustments for its gasoline and diesel products, with effect from 1 a.m. Monday.
After the adjustments, prices at FPCC gas stations will be NT$27.50 per liter for 92 octane unleaded, NT$28.90 per liter for 95 octane unleaded, NT$31.00 per liter for 98 octane unleaded, and NT$25.70 per liter for diesel.
FPCC cited Russia's decision to cut back crude production, the increase in U.S. commercial crude inventories and the request by the U.S. for OPEC members to increase oil production as the reasons for this week's fuel price fluctuations.
Source: Focus Taiwan News Channel