TAIPEI (CNA)— Domestic gasoline and diesel prices in Taiwan will move higher this week as fears of a crude oil supply glut continue to ease, Taiwan’s two major suppliers said on Jan. 13.
State-owned oil refiner CPC Corp. Taiwan said it will raise gasoline and diesel prices by NT$1.1 (US$0.04) and NT$1.2 per liter, respectively, the steepest hike in 27 months.
After the adjustments, prices at CPC gas stations will be NT$26.1 per liter for 92 octane unleaded, NT$27.6 per liter for 95 unleaded, and NT$29.6 per liter for 98 unleaded, while the price of super diesel will be NT$23.9 per liter.
Domestic fuel prices at CPC gas stations nationwide fell to their lowest in 15 months in the week starting midnight Dec. 30 when the prices were NT$24.5 per liter for 92 octane unleaded, NT$26 per liter for 95 unleaded, NT$28 per liter for 98 unleaded and NT$22.2 per liter for super diesel.
However, following a hike in international crude oil prices, this is the second week in a row CPC has raised its fuel prices, increasing gasoline and diesel prices by a total of NT$1.6 and NT$1.7, respectively, since midnight Jan. 6.
International crude oil prices continued to rebound last week as major oil producers, led by Saudi Arabia, the world’s largest exporter of crude oil, agreed to collectively cut output due to the optimistic outlook for trade negotiations between the U.S. and China and a reduction in U.S. commercial crude oil inventories.
CPC’s main competitor, privately owned Formosa Petrochemical Corp., on Sunday announced identical price increases, to take effect 1 a.m. Monday, a reflection of the hike in international crude oil prices.
After the adjustments, prices at Formosa Petrochemical gas stations nationwide will be NT$26.1 per liter for 92 octane unleaded, NT$27.5 per liter for 95 unleaded, NT$29.6 per liter for 98 unleaded and NT$23.7 per liter for super diesel, the company said.
By Chiu Po-sheng, Jeffrey Wu and Evelyn Kao