Gasoline prices up as oil rises amid storm, conflictsBy Chen Cheng-hui / Staff reporterGasoline prices are set to increase by NT$0.1 per liter this week as global crude oil prices moved higher last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday. Crude oil prices rose last week as the geopolitical situation in the Middle East turned tense and crude oil output in an oil field in the US state of North Dakota dropped due to a winter storm that impacted production, the companies said. News reports that Russian oil refining facilities had been attacked by Ukraine also raised market concerns over oil supply, while the better-than-expected showing of US GDP growth in the fourth quarter of last year offered a better outlook for oil demand, they added. Gasoline prices at CPC and Formosa stations are today to increase to NT$29.0, NT$30.5 and NT$32.5 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. However, the price of premium diesel is set to drop NT$0.2 per liter to NT$27.5 at CPC stations while the price is set to drop to NT$27.3 at Formosa pumps after the companies factored in their oil price formulas, domestic market competition and global market trends, they said.

Source: Taipei Times January 28, 2024 18:42 UTC