By Chen Cheng-hui / Staff reporter
Gasoline prices are to increase by NT$0.2 per liter this week, rising for the second consecutive week despite a decrease in international crude oil prices, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday.
Crude oil prices fluctuated last week, as market sentiment drifted amid a mixed bag of positive and negative factors, such as news that Iran was downplaying the chances of a nuclear deal with the US and concerns over some OPEC+ members’ decision to accelerate oil output next month, the companies said.
Front-month Brent crude oil futures — the international benchmark — fell 0.95 percent last week to US$64.78 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US benchmark — lost 0.71 percent in the week to US$61.53 per barrel on the New York Mercantile Exchange.
CPC said the cost of its crude oil imports last week was still higher than a week earlier, based on the company’s floating oil price formula.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$26.6, NT$28.1 and NT$30.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
However, the price of premium diesel is to drop NT$0.2 per liter to NT$25 at CPC stations, while the price is to drop to NT$24.8 at Formosa pumps after the companies factored in their oil price formulas, domestic market competition and global market trends, they said.