Taiwan's two major fuel suppliers announced price hikes for this week Sunday, citing an increase in international crude oil prices amid easing trade tensions between the U.S. and China and a decrease in U.S. crude inventories.



State-run oil refiner CPC Corp., Taiwan said the price of its gasoline and diesel will increase by NT$0.1 (US$0.003) per liter, beginning midnight Sunday.



Following the adjustments, retail prices at CPC gas stations will be NT$26.4 per liter for 92 octane unleaded, NT$27.9 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.2 per liter for super diesel.



CPC said that international crude oil prices have risen, in part due to the U.S. and China being close to finalizing the first stage of a trade agreement.



CPC adjusts its fuel prices weekly based on changes in crude oil prices calculated using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.



Based on that formula, the price of crude rose US$0.84 over the past week to US$60.24 per barrel, the company said.



Meanwhile, CPC's main competitor, privately-owned Formosa Petrochemical Corp. (FPCC), announced identical fuel price hikes, to take effect at 1 a.m. Monday.



Privately run FPCC said prices at its gas stations will be NT$26.4 per liter for 92 unleaded, NT$27.8 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.0 per liter for super diesel.