Gasoline, diesel prices to rise amid war in Middle EastBy Chen Cheng-hui / Staff reporterCPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would increase their gasoline and diesel prices for a second consecutive week, as an escalating conflict in the Middle East continues to disrupt the region’s tanker traffic through the Strait of Hormuz and forces some oil producers to reduce output.
Photo: CNAEffective today, gasoline prices are to rise by NT$1.5 per liter to NT$28.9, NT$30.4 and NT$32.4 for 92, 95 and 98-octane unleaded gasoline respectively at CPC and Formosa stations, the companies said in separate statements.
The cost of premium diesel is to increase by NT$1.1 per liter to NT$28.1 at CPC stations and NT$27.9 at Formosa pumps, they said.
CPC said that, based on its weighted oil price formula of 70 percent Dubai crude and 30 percent Brent, gasoline and diesel prices should have increased by NT$5.4 and NT$4.8 per liter this week respectively, as the Middle East conflict disrupted oil flows and led to a surge in international crude oil prices last week.
The companies’ announcements came after crude oil prices last week rose for the third consecutive week and posted the largest weekly gains over the past four decades as oil supply woes deepen.