TAIPEI (Taiwan News) — Taiwanese state-run petroleum refiner CPC Corp announced on Sunday (May 24) that retail prices for gasoline and diesel will go up by NT$ 0.5 (US$0.017) and NT$0.8 per liter, beginning at 12 a.m. on Monday.
The adjusted CPC fuel prices will mark the highest in two months, with 92, 95, and 98 octane unleaded gasoline selling for NT$19.6, NT$21.1, and NT$23.1, per liter, respectively, CPC said in a press release Sunday, adding that super diesel will cost NT$17.1 per liter.
The price hikes are a result of the slowing down of the COVID-19 pandemic around the world and the output of U.S. shale oil, which is on course to hit a record low for the last two years.
Meanwhile, CPC's main competitor, Formosa Petrochemical Corp. (FPCC), announced identical price hikes Sunday, which will take effect at 1 a.m. Monday.
After the increases, prices at FPCC gas stations will be NT$19.6 per liter for 92 octane unleaded, NT$21 per liter for 95 octane unleaded, NT$23.1 per liter for 98 octane unleaded, and NT$16.9 per liter for super diesel.
