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Formosa Corp to raise oil prices at midnight

Formosa Corp to raise oil prices at midnight

Formosa Petrochemical Corp announced Friday its oil product prices will be adjusted upward, starting at midnight, even though the government has refused to lift the price cap at state-run gas stations.
The private-run company said gasoline and diesel prices at its gas stations will be raised by NT$2.8 and NT$3.1 per liter, respectively, and the hike will last till the end of April. The company attributed the adjustment to the rise in crude oil in the international market.
Crude oil has risen from US$77.12 a barrel last December to US$96.64 a barrel this March, or a hike of 25.3 percent, Formosa spokesman Lin Ke-yan said, adding his company has no choice but to raise its oil product prices to stay afloat.
The Cabinet has frozen oil product prices in state-run gas stations since last December and has said the freeze will remain in place until the transfer of power in May.
Lin said he understood some government choose to interfere with the market for different reasons, but he believed it is better advised to allow the market to determine oil product prices.


Updated : 2021-10-25 05:39 GMT+08:00