Refiners may hike price of fuel again next week: report

According to local media, state refiner CPC Corp. may raise gasoline and diesel prices by NT$0.2 a liter, as international oil prices kept rising during the Chinese New Year break. At the same time, the New Taiwan dollar trading is currently suspended over the nine-day break; therefore, nothing could be done to cushion the impact of an oil price increase.

A NT$0.2 per liter price hike would bring 95- and 98-grade gasoline prices to NT$36.3 and NT$38.3 a liter, respectively, and diesel to NT$33.8, tying the historic high reached on Sept. 17 last year.

On Monday, CPC and its rival Formosa Petrochemical Corp. raised gasoline and diesel prices by NT$0.4 and NT$0.5 a liter, respectively. With the price hike, CPC is selling its 92, 95 and 98 gasoline at NT$34.6, NT$36.1 and NT$38.1 a liter, respectively, and super diesel at NT$33.6 a liter.

It is customary for refiners to freeze price hikes during Chinese New Year. The government, however, has kept the floating price mechanism in place during the holiday.

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