By Chen Cheng-hui / Staff reporter
CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） yesterday announced that they would raise gasoline prices by NT$0.3 per liter and diesel prices by NT$0.2 per liter this week, the sixth consecutive week of increases.
Effective today, gasoline prices at CPC stations are to increase to NT$26.8, NT$28.3 and NT$30.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to increase to NT$24.0 per liter, the state-run refiner said.
The prices for 92, 95 and 98-octane unleaded gasoline at Formosa stations are to increase to NT$26.8, NT$28.4 and NT$30.3 per liter respectively, while the price of premium diesel is to rise to NT$23.8 per liter, the company said.
Formosa said in a statement that global crude oil prices fluctuated in volatile trading last week, affected by the rapid rise of COVID-19 infections in Europe, the strengthening of virus prevention and lockdown measures in many countries, the blocking of the Suez Canal by a giant container ship and the fifth consecutive week of increased US crude oil inventories.
Even so, the weekly average crude oil price continued to fall last week. According to CPC’s floating oil price formula, crude oil prices last week decreased 3.65 percent from a week earlier.
However, the two companies still decided to raise fuel prices this week after factoring in the exchange rate for the New Taiwan dollar, competition in the local market, the effect on consumer prices and trends in the global oil market, they said.