Taiwan fuel prices see biggest jump in 8 years

CNA file photo

TAIPEI (CNA) — Taiwan’s two major fuel suppliers on Sunday announced the biggest price hikes in the country since 2012, saying gasoline and diesel prices will increase by NT$2 and NT$2.2 per liter, respectively.

Effective midnight Sunday, prices at the fuel pumps of state-run petroleum refiner CPC Corp., Taiwan will rise to NT$18.2 per liter for 92 octane unleaded, NT$19.7 per liter for 95 octane unleaded and NT$21.7 per liter for 98 octane unleaded, the company said.

For super diesel, the retail price will be raised to NT$15.4 per liter, according to CPC.

Based on an agreement reached in mid-April, OPEC countries and their allies began to cut oil production in May, which has contributed to the rise of fuel prices, CPC said.

Another factor in the recovery of oil prices has been the gradual stabilization of the COVID-19 pandemic in the United States and Europe, CPC said.

This week’s fuel price hike in Taiwan is the largest since April 2012, when CPC raised its prices by NT$2.3 per liter for 92 octane unleaded, NT$3.1 per liter for 95 octane unleaded, NT$3.6 per liter for 98 octane unleaded and NT$3.2 per liter for super diesel, its data shows.

Meanwhile, CPC’s main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical price hikes, which will take effect at 1 a.m. Monday.

After the adjustments, prices at FPCC gas stations will be NT$18.2 per liter for 92 octane unleaded, NT$19.6 per liter for 95 octane unleaded, NT$21.7 per liter for 98 octane unleaded and NT$15.2 per liter for diesel.