Taipei, State-run oil refiner CPC Corp. Taiwan will raise its domestic gasoline and diesel prices by NT$0.6 (US$0.02) per liter for this coming week, effective at midnight Sunday, to reflect increasing global crude oil prices, the company said.
It will be CPC's largest weekly fuel price increase since the beginning of the year.
Under the planned adjustments, prices at CPC gas stations nationwide will rise to NT$24.4 per liter for super diesel, NT$26.6 per liter for 92 octane unleaded, NT$28.1 per liter for 95 unleaded, and NT$30.1 per liter for 98 unleaded, according to the company.
CPC attributed the price hike to increasing tensions between Saudi Arabia and Iran, which it said has led to speculation that the United States may impose oil export sanctions against Iran, which could lead to a possible decline in supply.
The state-operated company calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude.
Under the latest fluctuations in international crude oil prices, CPC's average price for crude oil was calculated at US$65.02 per barrel this week, up US$2.78 from a week earlier, according to data on the CPC official website.
Source: Focus Taiwan News Channel