Fuel prices hiked as global oil rises on supply-side worries

July 9, 2018

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would increase its gasoline prices by NT$0.2 per liter and diesel prices by NT$0.3 per liter from today.

The weekly price adjustment came as global crude oil prices continued to rise last week, following reports that crude oil production in Libya fell from the previous week due to political uncertainty in the oil-rich nation.

The price hikes also reflected a still-cautious market sentiment regarding the US’ sanctions on Iranian oil exports beginning in November, CPC said in a statement.

Privately run Formosa Petrochemical Corp (台塑石化) yesterday matched CPC’s move by raising gasoline and diesel prices by NT$0.2 and NT$0.3 per liter each.