Taipei, Domestic gasoline and diesel prices will increase by NT$0.5 (US$0.02) per liter this week, ending a three-week falling streak, due to a rebound in international crude oil prices, Taiwan’s two major suppliers said Sunday.
State-owned oil refiner CPC Corp., Taiwan said that after the adjustments, which will take effect at midnight Sunday, fuel prices at its gas stations nationwide will be NT$25.0 per liter for 92 octane unleaded, NT$26.5 per liter for 95 unleaded, NT$28.5 per liter for 98 unleaded and NT$22.7 per liter for super diesel.
International crude oil prices rebounded last week as U.S. stocks rallied on hopes for progress in the U.S.-China trade dispute, according to the company.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude. Based on that formula, the average oil price rose US$2.20 to US$53.74 per barrel over the past week.
The movement of oil prices in Taiwan in the short term will depend on the status of the trade issues between the U.S. and China, global stock fluctuations and whether the major oil producing countries agree on production cuts, CPC spokesman J.Z. Fang said.
He said, however, that international crude oil prices are expected to move between US$50 and US$60 per barrel over the next three months.
CPC’s main competitor, privately owned Formosa Petrochemical Corp., on Sunday announced identical price increases, which will take effect 1 a.m. Monday, in reflection of the hike in international crude oil prices.
After the adjustments, prices at Formosa Petrochemical gas stations nationwide will be NT$22.5 per liter for super diesel, NT$25.0 per liter for 92 octane unleaded, NT$26.4 per liter for 95 unleaded and NT$28.5 per liter for 98 unleaded, the company said.
Source: Focus Taiwan News Channel