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Gasoline and diesel prices to rise by NT$0.1 and NT$0.2

TAIPEI, Taiwan -- Effective today, gasoline price will rise by NT$0.1 while diesel prices will rise by NT$0.2, the nation's two refineries announced yesterday.

After the adjustment, the prices for 92-octane, 95-octane and 98-octane unleaded gasoline at CPC Corp. stations stand at NT$33.7 a liter, NT$35.2 a liter and NT$37.2 a liter respectively, while the price of diesel comes in at NT$32.6 per liter.

Formosa Petrochemical, another privately run oil refiner, is also following the NT$0.4 upward adjustment. Beginning at 1 a.m. today, Formosa is selling its 92-octane, 95-octane and 98-octane unleaded gasoline at NT$33.6 a liter, NT$35.2 a liter and NT$37.4 a liter respectively, while the price of diesel comes in at NT$32.6 per liter.

A rise in international oil prices contributed to the hike in gasoline prices. According to CPC, damage in oil pipelines in Nigeria and strike occurred on oil filed in Libya resulted in a decrease of oil production. Formosa Petrochemical said that Ukraine crisis also added a risk factor to international oil prices.

This week's 7D3B (70 percent Dubai and 30 percent Brent crude) price index was at an average of US$104.86 per barrel, up US$0.35 from last week's US$104.51, CPC said, adding that the New Taiwan Dollar depreciated NT$0.113 against the greenback.

Following a domestic gasoline calculation formula, prices of gasoline and diesel rose NT$0.1 and NT$0.2, respectively, which is equivalent to 0.57 percent, the CPC said.

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