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 they would increase gasoline prices for the ninth consecutive week, while leaving diesel prices unchanged this week.
CPC said that it would raise gasoline prices by NT$0.1 per liter to NT$25.1, NT$26.6 and NT$28.6 for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel would remain unchanged at NT$22.4 per liter.
The state-run refiner said that global crude oil prices fluctuated in volatile trading last week, affected by an output cut by Libya and falling oil imports in China.
Although its gasoline and diesel prices should have increased up to NT$0.4 per liter respectively this week based on its floating oil price formula, CPC said it would absorb part of the increase to comply with a government policy of keeping domestic fuel prices the lowest among neighboring Asian countries.
Formosa Petrochemical said factors that affected oil prices last week also included a resurgence of COVID-19 cases in China, a slow rollout of vaccines in Europe and the US, as well as market expectations of additional economic aid by US President Joe Biden.
The company said that it would increase its prices for 92, 95 and 98-octane unleaded gasoline by NT$0.1 per liter to NT$25.1, NT$26.7 and NT$28.6 respectively, while premium diesel would be kept at NT$22.2 per liter.
The new prices take effect today.