Taipei, Aug. 18 (CNA) Taiwan's two major fuel suppliers on Sunday announced a slight price increase of NT$0.10 per liter for diesel this week, but said gasoline prices will remain unchanged.
CPC Corp., Taiwan said that with effect from midnight Sunday, the retail price of super diesel at its fuel stations will go up by NT$0.10 per liter to NT$24.20.
The retail prices of CPC gasoline, meanwhile, will remain at NT$26.30 per liter for 92 octane unleaded, NT$27.80 per liter for 95 octane unleaded, and NT$29.80 per liter for 98 octane unleaded, the company said.
It said global crude prices have risen slightly since Saudi Arabia promised to limit output to support oil prices.
Also, the United States announced last week that the new tariffs on certain consumer items would be delayed until Dec. 15, while other products were being removed from the new China tariff list altogether ahead of the Christmas season to avoid an impact on holiday shopping, CPC said.
According to CPC, its fuel prices are calculated weekly based on a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Crude prices last week rose to US$58.42 per barrel from US$58.04 the previous week, which would have resulted in a 0.32 percent increase in its fuel prices, CPC said.
However, the state-run CPC said, it has been following government guidelines that set a price ceiling to match the lowest fuel prices in Japan, South Korea, Hong Kong and Singapore -- four of Taiwan's major industrial competitors -- and it therefore will not raise its gasoline prices this week.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical adjustments of its fuel prices, which will take effect 1 a.m. Monday.
The privately run FPCC said prices at its gas stations will be NT$26.30 per liter for 92 octane unleaded, NT$27.70 per liter for 95 octane unleaded, NT$29.80 per liter for 98 octane unleaded, and NT$24.00 per liter for diesel.