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Fuel prices hiked by NT$0.1 and NT$0.2 for gas & diesel

TAIPEI, Taiwan -- Effective today, the per-liter price of fuel will be increased by NT$0.1 for gasoline and NT$0.2 for diesel, the Chinese Petroleum Corporation (CPC, 中油) announced yesterday.

Formosa Petrochemical Corporation yesterday also announced that it will be raising its gasoline and diesel prices by NT$0.1 and NT$0.2, respectively.

Following the adjustment, the per-liter price is to sit at NT$33.5 for 92-octane gasoline, NT$35 for 95-octane gasoline, NT$37 for 98-octane gasoline, and NT$32.4 for premium diesel.

The state-owned company attributed the price hike to international developments in the U.S., including reports of improving employment figures, the reduction in commercial oil reserves and uncertainties on whether the Fed will scale down bond purchases. In addition, the company noted that summer is traditionally a high-demand season for oil, a situation exacerbated by ongoing political upheaval in Egypt, which may affect supply of oil from the Middle East. CPC expects international oil prices to experience significant short-term volatility.

Based on CPC's floating oil price index, calculated as the sum of 70 percent Dubai Crude, and 30 percent Brent Crude, CPC explained that international oil prices rose US$1.14 week-on-week, reaching US$106.5. Taking into account the New Taiwan dollar's strength against the greenback, a price correction of 0.51 percent was issued, resulting in the price hikes of NT$0.1 for gasoline, and NT$0.2 for premium diesel, said the company.

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