Rising crude drives local gasoline and diesel prices higherBy Chen Cheng-hui / Staff reporterGasoline and diesel prices are to increase by NT$0.3 and NT$0.4 per liter respectively today after global crude oil prices continued to rise last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday. Saudi Arabia and Russia’s cooperation in cutting crude oil production also helped support oil prices, it added. Other factors, such as a decline in Russia’s crude oil exports, a lower-than-expected drop in US crude inventories and disappointing second-quarter GDP data from China, also boosted crude oil prices last week, Formosa said in a separate statement. Based on CPC’s floating oil price formula, the cost of crude oil last week increased 0.08 percent from a week earlier, it said. The price of premium diesel is to rise to NT$28.1 at CPC stations, and NT$27.9 at Formosa pumps.

Source: Taipei Times July 23, 2023 17:37 UTC