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 increase gasoline and diesel prices for a fifth consecutive week, effective today.
CPC said that it would raise gasoline prices by NT$0.7 per liter to NT$24, NT$25.5 and NT$27.5 for 92, 95 and 98-octane unleaded gasoline respectively, while the cost of premium diesel would increase by NT$0.6 per liter to NT$21.3.
The state-run refiner said that global crude oil prices fluctuated in volatile trading last week, affected by a mix of factors, including an escalation in the number of COVID-19 infections in the UK and the passage of US$900 billion in pandemic aid by the US Congress.
Although its gasoline and diesel prices should have increased by NT$0.8 and NT$1.0 per liter respectively this week, based on its floating oil price formula, CPC said it would absorb part of the cost increase to comply with a government policy of keeping domestic fuel prices the lowest in Asia.
Formosa Petrochemical said that a higher-than-expected reduction in US oil inventories last week, coupled with the signing of a Brexit deal between the UK and the EU after 11 months of negotiations, also supported the oil market.
The company said that it would increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.7 per liter to NT$24.0, NT$25.4 and NT$27.5 respectively.
Premium diesel would increase by NT$0.6 to NT$21.1 per liter, it added.