TAIPEI (TVBS News) — Formosa Petrochemical Corp. (台塑石化公司) announced it will increase diesel prices by NT$0.1 per liter starting Monday (Feb. 17) at 1 a.m., while gasoline prices will remain unchanged.
The decision follows CPC Corp.'s (台灣中油) similar adjustment of domestic oil prices to minimize inflationary impact, with Formosa Petrochemical aligning its measures accordingly.
Formosa Petrochemical's price adjustment sets the reference retail prices for franchise gas stations at NT$29.8 per liter for 92 unleaded gasoline, NT$31.3 for 95+ unleaded, NT$33.3 for 98 unleaded, and NT$28.8 for super diesel. The company reported that it took into consideration international oil price trends, New Taiwan dollar to U.S. dollar exchange rates, domestic market competitiveness, and minimum prices in neighboring Asian countries when making the decision.
Formosa Petrochemical cited several factors influencing international oil price fluctuations, including the fragile ceasefire between Israel and Hamas, escalating tensions in the Middle East, and the agreement between the U.S. and Russia to negotiate an end to the Russia-Ukraine war.