Domestic gas and diesel prices are set to rise at midnight Sunday, heading into Monday morning. That’s following an announcement from the state-run oil company – CPC, Taiwan.
The prices of gas and diesel are set to increase by NT$0.8 per liter. That’s roughly US$0.03.
The new prices per liter are: for super diesel, NT$23.2 (US$0.75); for 92 octane unleaded, NT$25.2 (US$0.81); for 95 octane unleaded, NT$26.7 (US$0.86); and for 98 octane unleaded, NT$28.7 (US$0.92) per liter.
Domestic gas and diesel prices had dropped dramatically in Taiwan since June 30, 2014, reaching a six-year low in January. In some cases, the price at the pump fell by as much as US$0.40 per liter. Prices have risen since then.
CPC, Taiwan said that the number of oil rigs currently in operation in the United States has fallen. It said that’s led the US Department of Energy to estimate a decline in shale oil production in May. The market’s prediction of slowing crude oil production has, in turn, led to an increase in international oil prices.