Taiwan sees steepest increase in fuel prices in 27 months

Gasoline and diesel prices to hike by NT$1.1 (US$0.035) and NT$1.2 (US$0.0385)

CPC gas station

CPC gas station (By Central News Agency)

TAIPEI (Taiwan News) – Taiwan’s state-run oil refiner CPC Corp. announced it is raising gasoline and diesel prices by NT$1.1 (US$0.035) and NT$1.2 (US$0.0385) per liter respectively starting midnight today (Jan. 14), the steepest increase in 27 months.

With the adjustments, the prices for 92 unleaded, 95 unleaded, and 98 unleaded per liter will be hiked to NT$26.1, NT$27.6, and NT$29.6 respectively. The price of super diesel will arrive at NT$23.9 per liter, said CPC in a statement.

The rebound of fuel prices is prompted by OPEC-led crude oil cuts, optimistic outlook for trade talks between China and the U.S., and reduction in U.S. commercial crude oil inventories, according to CPC.

Having dropped to their lowest in 15 months at the end of 2018, domestic fuel prices have been raised for the second time this year, meaning a car owner will have to pay an additional NT$80 to fill a 50-liter tank compared to the cost two weeks ago.

CPC suggested such price hikes are unlikely next week, reported CNA.