Taiwan’s two largest oil refiners announced a price hike for gasoline and diesel, effective today, after five weeks of reductions.
CPC Corp, Taiwan, and Formosa Petrochemical Corp will raise domestic gasoline prices to NT$28.8 for 92-octane, NT$30.3 for 95-octane, and NT$32.3 for 98-octane unleaded gasoline. Premium diesel prices will increase to NT$27.2 at CPC stations and NT$27 at Formosa pumps.
Despite this increase, international crude oil prices fell last week compared to the previous week. CPC and Formosa noted in their statements that front-month US West Texas Intermediate crude oil futures rose slightly by 0.33 percent to US$69.49 per barrel on Friday, but overall fell by 3.19 percent for the week. Meanwhile, Brent crude oil futures increased by 0.4 percent to US$73.1 per barrel on Friday, but also saw a decline of 3.35 percent over the week, according to Dow Jones Newswires.
The global oil market faced significant fluctuations last week. Early in the week, crude prices dropped following Israeli airstrikes that avoided Iranian oil facilities. However, prices rebounded later in the week due to speculation that OPEC+ might delay a planned oil production increase.
Despite the current price increases, CPC and Formosa stated that this week’s average price levels are still lower than those of the previous week.
In other news, the prices of liquefied petroleum gas (LPG) products, including household and automotive LPG, propane, and butane, will remain unchanged this month. However, liquefied natural gas prices for retail users will also stay the same, while prices for industrial users will rise by 3 percent compared to last month.
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