TAIPEI — Formosa Petrochemical Corp. (台塑石化), a private gasoline supplier in Taiwan, announced Saturday that it will raise its prices for gasoline and diesel next week to reflect the recent increase in international oil prices. It will be the first fuel price hike imposed by Formosa Petrochemical since Nov. 30, 2015. Formosa Petrochemical said effective from 1 a.m. Monday, its wholesale gasoline prices will increase by NT$1.0340 (US$0.03) per liter and its wholesale diesel prices will rise by NT$1.0513 per liter. Retail gasoline and diesel prices will increase by NT$1 respectively. After the adjustment, prices at Formosa Petrochemical gas stations islandwide are expected to rise to NT$15.9 per liter for super diesel, NT$18.7 per liter for 92 octane unleaded, NT$20.2 per liter for 95+ octane unleaded and NT$22.5 per liter for 98 octane unleaded. CPC Likely to Follow Based on the rebound in crude oil prices Thursday, CPC Corp., Taiwan is likely to raise its gasoline and diesel prices by NT$0.9 liter next week, following a NT$0.1 cut per liter for gasoline and a NT$0.4 reduction for diesel this week, market sources said. CPC calculates its weekly fuel prices based on a weighted oil price formula that is comprised of 70 percent Dubai crude and 30 percent Brent crude.
Overnight, the Russian news agency TASS reported that OPEC and Russia could meet in February to discuss a cut in oil production, and the report said the likelihood of such a reduction in output is “very high.” After the news of possible talks between OPEC and Russia surfaced, international crude oil prices spiked by 8 percent to push price tags to more than US$35 per barrel at one point before settling below the day’s high at the close, amid eased concerns over an escalating supply glut caused by slowing global demand, the sources said.