Gasoline, diesel prices to rise NT$0.2 and NT$0.4 on Monday

Taipei, March 1 (CNA) State-owned oil supplier CPC Corp., Taiwan and Formosa Petrochemical Corp. on Sunday announced gasoline and diesel prices will rise by NT$0.2 and NT$0.4 per liter, respectively, starting Monday, citing Middle East tensions and blizzards in the eastern United States.

The resulting prices will be NT$27.4, NT$28.9 and NT$30.9 per liter for 92-, 95- and 98-octane unleaded gasoline, respectively, while premium diesel will be priced at NT$27 per liter, according to the companies' websites.

CPC also said it confirmed Saturday night with its liquefied natural gas (LNG) and crude oil suppliers that shipments are proceeding as scheduled and that domestic supplies remain unaffected.

CPC said it has been reducing the proportion of crude oil imports from the Middle East and diversifying its supply sources in recent years in response to geopolitical risks, expanding purchases from the Americas, Europe, Africa and Australia.

Last year, crude oil from the Middle East accounted for 34.9 percent of Taiwan's total imports, down from 45 percent in 2022, while imports from the United States rose from 44 percent to 61.8 percent during the same period, CPC said.

The company added that about 30 percent of its liquefied natural gas (LNG) purchases in 2024 and 2025 came from Qatar, another 30 percent from Australia and around 10 percent from the United States.

CPC said it aims to gradually reduce LNG imports from Gulf countries and increase those from the United States, with U.S. imports expected to account for about 25 percent of the total by 2029.

The state-owned company said it will continue to monitor developments in the Middle East and work with the government to help stabilize commodity prices.