Fuel prices raised due to Saudi cut speculationsBy Chen Cheng-hui / Staff reporterGasoline and diesel prices are to rise NT$0.1 per liter this week as international crude oil prices rose last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday. CPC attributed the rise in crude oil prices to market speculations that Saudi Arabia might extend daily oil production cuts through next month, while Formosa said a sharp drop in US crude oil inventories also weighed on the global oil market during the week. Based on CPC’s floating oil price formula, the cost of crude oil increased 1.07 percent from a week earlier, it said. Effective today, gasoline prices at CPC and Formosa stations are to increase to NT$31.2, NT$32.7 and NT$34.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. The price of premium diesel is to rise to NT$29.3 at CPC stations and to NT$29.1 at Formosa pumps, they said.

Source: Taipei Times September 03, 2023 21:36 UTC