CPC Corp, Taiwan (台灣中油) announced on Saturday that it would raise domestic gasoline and diesel prices by NT$0.7 (US$0.02) and NT$0.5 per liter respectively this week in response to a spike in international crude oil prices amid escalating fighting in the Middle East.Formosa Petrochemical Corp (台塑石化) yesterday said it would also raise its fuel prices by the same amount this week, citing geopolitical tensions that keep oil prices elevated. The announcements ended two consecutive weeks that CPC and Formosa have not changed their domestic fuel prices, with retail gasoline prices set to increase this week to NT$30.5, NT$32.0 and NT$34.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively at CPC and Formosa stations.
Prices for premium diesel this week would rise to NT$29.3 per liter at CPC stations and NT$29.1 per liter at Formosa pumps, the companies said.As markets continue to deal with shipping disruptions in the Strait of Hormuz and the Red Sea, front-month Brent crude oil futures — the international oil benchmark — last week rose 9.85 percent to settle at US$96.78 per barrel on the Intercontinental Exchange in London.
Meanwhile, West Texas Intermediate crude oil futures — the US oil gauge — gained 9.21 percent in the week to US$89.31 per barrel on the New York Mercantile Exchange.Under CPC’s floating price mechanism, which is based on a weighting of 70 percent Dubai crude and 30 percent Brent crude, the average international oil price rose to US$90.08 per barrel last week, up from US$78.82 last week. A weakening New Taiwan dollar increased CPC’s crude purchasing costs, it said.
