Taipei: State-owned oil supplier CPC Corp., Taiwan and Formosa Petrochemical Corp. announced on Sunday that gasoline and diesel prices will rise by NT$0.2 and NT$0.4 per liter, respectively, starting Monday. The price hikes are attributed to geopolitical tensions in the Middle East and severe weather conditions in the eastern United States.

According to Focus Taiwan, the revised prices will be NT$27.4 for 92-octane unleaded gasoline, NT$28.9 for 95-octane, and NT$30.9 for 98-octane, while premium diesel will be set at NT$27 per liter. These changes were confirmed through updates on the companies’ websites.

CPC Corp. has reassured that its domestic supply chains remain stable, having confirmed with its liquefied natural gas (LNG) and crude oil suppliers that deliveries are proceeding as scheduled. The company has been actively reducing its dependency on Middle Eastern crude oil, diversifying its supply sources to include the Americas, Europe, Africa, and Australia to mitigate geopolitical risks.

Last year,
Middle Eastern crude oil accounted for 34.9 percent of Taiwan’s total imports, a decrease from 45 percent in 2022. Conversely, imports from the United States increased from 44 percent to 61.8 percent in the same timeframe. CPC further outlined its future strategy, indicating that around 30 percent of its LNG purchases in 2024 and 2025 will be sourced from Qatar, another 30 percent from Australia, and approximately 10 percent from the United States.

Looking ahead, CPC aims to gradually decrease LNG imports from Gulf countries while increasing those from the United States, with a target for U.S. imports to constitute about 25 percent by 2029. The company emphasized its commitment to monitoring Middle Eastern developments closely and collaborating with the government to stabilize commodity prices.