Taiwan gas prices expected to increase by NT$0.50 next week

台灣油價預計下週將漲0.50元

95 unleaded gas to break NT$30


TAIPEI (Taiwan News)—Tensions in the Middle East has increased international oil prices, with Taiwan unable to escape the trend.

According to the CPC Corp., Taiwan Floating Oil Price Mechanism, starting from midnight on May 14, domestic prices of various gasoline types and diesel will increase by NT$0.50 per liter. 95 unleaded gasoline will rise above the NT$30 mark, which is a record high for the last three and a half years.

At this rate, the domestic retail prices will be as follows: 92 unleaded gas will cost NT$28.60 per liter, 95 unleaded gas will cost NT$30.10 per liter, 98 unleaded gas will cost NT$32.10 per liter, and super diesel fuel will cost NT$26.60 per liter. The actual amplitude adjustment will be announced officially at noon on May 13.

If gas prices are increased by NT$0.50, 95 unleaded gas will cost NT$30.10 per liter. This price increase will break through the NT$30 threshold and approach the high of NT$30.20 from November 17, 2014.

CPC pointed out that the market is worried that the U.S. withdrawal from the international nuclear agreement with Iran may affect Iran's crude oil exports and escalate the geopolitical situation in the Middle East, raising international oil prices.

Based on CPC data, the average price of crude oil index 7D3B, which has accumulated to May 9 this week, was US$73.82, which is up US$2.33 from US$71.49 last week. The exchange rate of Taiwan dollar against the US dollar is NT$29.825, depreciated by NT $0.12 from last week.

Therefore, according to the CPC Floating Oil Price Mechanism, it is expected that from midnight on the Monday, May 14, the retail price of each type of gasoline and diesel fuel in the country will increase by NT$0.50 per liter.