《TAIPEI TIMES》 CPC and Formosa to raise all fuel prices by NT$0.1
KNOCK-ON EFFECT: The Iran nuclear deal stalled, and road and air traffic rebounded in Europe and the US, causing fuel prices to increase, the refiners said
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 and diesel prices by NT$0.1 per liter this week, after raising them by NT$0.3 per liter last week.
The price hikes reflect higher global crude oil prices, which rose last week as progress on the Iran nuclear deal stalled, causing uncertainty about whether Iran would resume its crude oil exports, state-run CPC said in a statement.
Oil prices also increased due to a decrease in US commercial crude inventories for the fourth consecutive week, CPC said.
As air and road traffic rebounded in Europe and the US, the market appeared optimistic about the recovery of oil demand, sending prices up, Formosa said in a separate statement.
Gasoline prices at CPC stations would rise to NT$27.6, NT$29.1 and NT$31.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would increase to NT$24.8 per liter, the company said.
Privately owned Formosa said that prices at its stations would rise to NT$27.6, NT$29.0 and NT$31.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would rise to NT$24.6 per liter.