《TAIPEI TIMES》 CPC Corp, Formosa end six weeks of gasoline price hikes
REBOUND HOPES: Oil prices rose after OPEC and its allies agreed to phase out production limits, and an economic recovery in China picked up speed
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 keep gasoline prices unchanged this week, ending six consecutive weeks of hikes.
However, the companies still raised diesel prices by NT$0.1 per liter this week, following an increase of NT$0.2 per liter last week, they said in separate statements.
Effective today, gasoline prices at CPC stations are to remain at NT$26.8, NT$28.3 and NT$30.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to increase to NT$24.1 per liter, the state-run refiner said.
Formosa said the prices for 92, 95 and 98-octane unleaded gasoline at its gas stations would remain at NT$26.8, NT$28.4 and NT$30.3 per liter respectively, while the price of premium diesel would rise to NT$23.9 per liter, the company said.
Formosa said that global crude oil prices rose last week after OPEC and its allies agreed to gradually phase out production caps over the coming months, which prompted market speculation of a rebound in demand.
Oil prices also rose after economic recovery in China picked up steam last month, when the official manufacturing purchasing managers’ index rose to 51.9 from 50.6 in February, CPC said.
According to CPC’s floating oil price formula, crude oil prices last week increased 0.65 percent from a week earlier.