Gas, diesel rise NT$0.6, reach four-month high

CPC Corp., Taiwan (中油) and Formosa Petrochemical (台塑石化) announced yesterday that gas and diesel prices are going up NT$0.6 today to follow a rise in global crude oil.

Starting today, state-owned refiner CPC Corp. is selling 92-, 95- and 98-grade gasoline at NT$34.2, NT35.7 and NT$37.7 a liter, respectively, and super diesel at NT$33.1 a liter.

Meanwhile, privately owned Formosa Petrochemical is offering 92-, 95- and 98-grade products at NT$34.1, NT$35.7 and NT$37.9, respectively, and low-sulfur diesel at NT$33.1.

Pump prices have hit their highest level since Sept. 23, 2012, when CPC Corp. sold 92-, 95- and 98-grade gasoline at NT$34.8, NT36.3 and NT$38.3 a liter, respectively, and super diesel at NT$33.8 a liter.

Monday's overnight spike reflects the price of international crude, which has moved higher on U.S. monetary easing and upbeat signs in the global economy, according to a CPC statement issued yesterday.

When economies recover, the fuel supply tightens as more people travel and ship. The benchmark that CPC uses — a weighted average of oil traded on Dubai and Brent indices — was up US$1.51 to end at US$111.36 a barrel, according to the state company.

Meanwhile, the New Taiwan dollar fell NT$0.459 against the U.S. dollar. The currency depreciation and rising cost of crude are reflected in a pump-price hike of 2.38 percent, or NT$0.6 a liter, said the CPC.

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