《TAIPEI TIMES》 CPC, Formosa hike prices as OPEC+ maintains quotas

By Chen Cheng-hui / Staff reporter

CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） yesterday announced that this week, they would raise gasoline prices by NT$0.3 per liter and the price of diesel by NT$0.2 per liter.

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Effective today, gasoline prices at CPC stations are to increase to NT$26, NT$27.5 and NT$29.5 for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to rise to NT$23.2, the state-run refiner said.

Last week, global crude oil prices rose, mainly because OPEC and its non-member partners, known as OPEC+, are to leave their oil production unchanged next month, CPC said.

US President Joe Biden’s signing of a US$1.9 trillion COVID-19 pandemic relief bill on Thursday also boosted sentiment in the oil market, CPC added, while Bank of Singapore investment adviser Ali Malik said that crude oil prices are likely to continue rising.

“We see it hitting the US$72-per-barrel level for Brent in two months’ time,” Malik added. “It will limit itself at a point, but we are still far away from that point.”

Formosa in a statement said that a substantial decrease in US oil inventories last week also contributed to the increase in crude oil prices.

Prices for 92, 95 and 98-octane unleaded gasoline at Formosa stations are to be NT$26, NT$27.6 and NT$29.5 respectively, while the price of premium diesel is to be NT$23.0, Formosa added.

新聞來源：TAIPEI TIMES