Gasoline, diesel prices to rise NT$1.8, NT$1.4 Monday

Taipei, March 22 (CNA) State-owned oil supplier CPC Corp., Taiwan, said Saturday it will raise gasoline and diesel prices by NT$1.8 and NT$1.4 per liter, respectively, starting at midnight Monday, citing higher global energy prices amid Middle East tensions.

After the adjustment, retail prices will be NT$30.7, NT$32.2 and NT$34.2 per liter for 92-, 95- and 98-octane unleaded gasoline, respectively, while premium diesel will cost NT$29.5 per liter, the company said.

CPC said it has absorbed an estimated NT$3.43 billion (US$106.92 million) in fuel costs under its price stabilization mechanism since Feb. 28, in a bid to cushion the impact on consumers and industry while maintaining stable domestic prices.

Formosa Petrochemical Corp. also said Sunday it would raise wholesale gasoline and diesel prices by the same amounts, effective 1 a.m. Monday, likewise citing Middle East geopolitical tensions.

Suggested retail gasoline prices at Formosa stations will match CPC's levels, while diesel will cost NT$29.3 per liter, according to the company.