TAIPEI (CNA) -- Taiwan's two major fuel suppliers on Sunday announced increases in fuel prices for the upcoming week, citing a surge in global crude prices due to tension in the Middle East and a decrease in U.S. crude inventories.



The state-run oil refiner CPC Corp., Taiwan said it will raise gasoline and diesel prices by NT$0.40 per liter, starting midnight Sunday.



With the adjustment, retail prices at CPC gas stations will be NT$27.60 (US$0.88) per liter for 92 octane unleaded, NT$29.10 per liter for 95 octane unleaded, NT$31.10 per liter for 98 octane unleaded, and NT$25.50 per liter for super diesel.



Fuel prices in Taiwan have increased for each of the past three weeks, with an accumulated price hike of NT$0.7 per liter.



The price of crude rose US$2.36 last week to US$64.71 per barrel, calculated on a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude, said CPC, citing tensions between the U.S. and Iran and the decline in U.S. crude inventories.



Meanwhile, CPC's main domestic competitor, Formosa Petrochemical Corp. (FPCC), announced an identical fuel price hike, which will take effect 1 a.m. Monday.



As a result, prices at FPCC gas stations will be NT$27.60 per liter for 92 octane unleaded, NT$29.00 per liter for 95 octane unleaded, NT$31.10 per liter for 98 octane unleaded, and NT$25.30 per liter for diesel.