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Fuel Prices Set to Increase Amid Rising Tensions and Crude Oil Costs

by Krystal

Gasoline and diesel prices are expected to climb this week in Taiwan, with gasoline prices rising by NT$0.3 per liter and diesel by NT$0.4 per liter. The increase follows a rise in international crude oil prices last week, according to separate statements from CPC Corp, Taiwan, and Formosa Petrochemical Corp.

The price hike is linked to growing tensions in the Middle East, including attacks targeting Hezbollah operatives in Lebanon. Additionally, the US Federal Reserve’s decision to lower its key interest rate more than anticipated and a drop in US crude oil inventories to a one-year low have contributed to the rise in crude oil prices.

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The US benchmark West Texas Intermediate crude oil saw a 4.8 percent increase, while Brent North Sea oil rose by 4 percent last week, as reported by Dow Jones Newswires.

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CPC Corp stated that its floating oil price formula indicated a 1.83 percent increase in crude oil costs from the previous week. The company’s chairman, Lee Shun-chin, predicted that crude oil prices will likely fluctuate between US$72 and US$75 per barrel in the near future, influenced by factors such as Middle East geopolitics and China’s economic slowdown.

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Starting today, the prices at CPC and Formosa stations for 92, 95, and 98-octane unleaded gasoline will be NT$29.3, NT$30.8, and NT$32.8 per liter, respectively. The cost of premium diesel will be NT$28 per liter at CPC stations and NT$27.8 at Formosa pumps.

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