Taipei, Dec. 15 (CNA) Taiwan's two major fuel suppliers on Sunday announced price hikes for this week, reversing the only price cut in nearly two months.
State-run oil refiner CPC Corp., Taiwan said the price of its gasoline and diesel will increase by NT$0.4 (US$0.013) per liter, from midnight Sunday.
After the increase, retail prices at CPC gas stations will be NT$27.3 per liter for 92 octane unleaded, NT$28.8 per liter for 95 unleaded, NT$30.8 per liter for 98 unleaded, and NT$25.2 per liter for super diesel.
Fuel prices in Taiwan were adjusted lower by NT$0.2 per liter on Dec. 6, having remained the same or risen since Oct. 21.
CPC explained that international crude oil prices have risen, mainly because the Organization of Petroleum Exporting Countries and its partners, known as the OPEC+ coalition, are expected to expand output cuts in the first quarter of next year.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude rose US$2.11 over the past week from US$62.72 per barrel to US$64.83 per barrel, the company said, noting that despite the planned hikes, Taiwan's fuel prices will still be the lowest among four Asian neighbors -- South Korea, Japan, Hong Kong and Singapore.
Meanwhile, CPC's main competitor, privately owned Formosa Petrochemical Corp. (FPCC), announced identical fuel price hikes, which will take effect at 1 a.m. Monday.
FPCC said prices at its gas stations will be NT$27.3 per liter for 92 unleaded, NT$28.7 per liter for 95 unleaded, NT$30.8 per liter for 98 unleaded and NT$25 per liter for super diesel.