《TAIPEI TIMES》 Fuel prices tick back up after fall
By Chen Cheng-hui / Staff reporter
Gasoline and diesel prices this week are to rise NT$0.2 and NT$0.1 per liter respectively after decreasing NT$0.5 and NT$0.3 per liter each in the previous week, CPC Corp, Taiwan （CPC, 台灣中油） and Formosa Petrochemical Corp （台塑石化） announced separately yesterday.
Gasoline prices at CPC stations would increase to NT$22.2, NT$23.7 and NT$25.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$19.6 per liter, the state-run refiner said in a statement.
Formosa said that it would hike its prices for 92, 95 and 98-octane unleaded gasoline to NT$22.2, NT$23.6 and NT$25.7 per liter respectively, while the price of premium diesel would be NT$19.4 per liter.
CPC said that based on its floating oil price formula, the cost of crude oil last week increased 1.16 percent from a week earlier.
The increase came as some Gulf of Mexico producers last week suspended production due to Hurricane Sally, which reduced crude oil supply, and also because market sentiment became cautious ahead of an announcement by the OPEC+ group of oil producing nations for their output cut for next month, the refiner said.
An unexpected decrease in US commercial crude inventories last week also pushed prices to climb higher, Formosa added.