Taipei-Taiwan's two major fuel suppliers on Sunday announced price increases of NT$0.3 per liter for gasoline and NT$0.2 per liter for diesel in the coming week.
State-run CPC Corp. Taiwan said the price hike will result in prices at the pump of NT$26.6 per liter for 92 octane unleaded, NT$28.1 per liter for 95 octane unleaded, NT$30.1 per liter for 98 octane unleaded, and NT$24.4 per liter for diesel, effective midnight Sunday.
The adjustments came after a surge in global crude prices the past week due to growing tensions in the Middle East, triggered by a drone attack by Yemen's Houthi rebels on a massive oil and gas field in eastern Saudi Arabia, according to the CPC.
CPC adjusts its fuel prices weekly based on changes in crude oil prices calculated using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on that formula, the price of crude rose US$1.05 during the past week to US$59.47 per barrel due to the Middle East tensions, the company said.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), on Sunday announced identical adjustments of its fuel prices, which will take effect at 1 a.m. Monday.
The privately-run FPCC said prices at its gas stations will be NT$26.6 per liter for 92 octane unleaded, NT$28.0 per liter for 95 octane unleaded, NT$30.1 per liter for 98 octane unleaded, and NT$24.2 per liter for diesel.
Source: Focus Taiwan News Channel