Gasoline and diesel prices in Taiwan are set to rise this week despite a drop in global oil prices last week. CPC Corp. Taiwan (CPC) and Formosa Petrochemical Corp. (Formosa) announced a NT$0.1 increase for gasoline and a NT$0.2 rise for diesel.
The price hike comes after global oil prices fell due to a ceasefire agreement between Israel and Hezbollah, as well as expectations that OPEC+ will delay its planned oil output increase next month. Last week, the price of US West Texas Intermediate crude oil dropped by 4.55%, settling at US$68 per barrel, while Brent crude fell by 2.97% to US$72.94 per barrel.
CPC and Formosa explained that the price increases in Taiwan reflect the impact of the exchange rate, domestic competition, and global market trends.
Starting today, gasoline prices at CPC and Formosa stations will rise to NT$28.7, NT$30.2, and NT$32.2 per liter for 92, 95, and 98-octane unleaded gasoline, respectively. Premium diesel prices will be NT$27.4 per liter at CPC stations and NT$27.2 at Formosa stations.
Meanwhile, prices for liquefied petroleum gas (LPG), including household and automotive LPG, as well as propane and butane, will remain unchanged this month. However, liquefied natural gas (LNG) prices for industrial users will increase by 3%. Retail LNG prices will stay the same.
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