CNA file photo
Taipei, July 1 (CNA) Taiwan's two oil refiners will increase unleaded gasoline and super diesel prices by NT$0.4 (US$0.0131) per liter from Monday.
State-owned CPC Corp., Taiwan said Sunday that effective at midnight, the price for 92 octane unleaded gasoline will be increased to NT$28.9 per liter, 95 unleaded NT$30.4 per liter, 98 unleaded NT$32.4 and super diesel NT$27.
Crude oil prices rose last week because of a fall of 9.891 million barrels in United States commercial crude oil inventories from the previous week and also the U.S. plan to ban oil from Iran from November, according to CPC.
CPC calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Based on fluctuations in international crude oil prices, CPC calculated the average price of crude oil at US$74.55 per barrel last week, an increase of US$2.36 from a week earlier, according to its website.
Meanwhile, privately run Formosa Petrochemical said it will also increase gasoline and diesel prices by NT$0.4 per liter, effective from 1 a.m. Monday.
With the rise, prices at Formosa Petrochemical gas stations around the island will be NT$26.7 per liter for super diesel, NT$28.9 per liter for 92 unleaded, NT$30.3 per liter for 95 unleaded and NT$32.4 per liter for 98 unleaded, the company said.
Formosa Petrochemical said international crude prices rose this past week as a result of the U.S. urged foreign countries to halt oil imports from Iran and also a higher than expected reduction in U.S. commercial crude oil inventories.
(By Chiu Po-sheng, Wei Shu and William Yen)
Enditem/AW