Taiwan's CPC and Formosa Petrochemical have both raised domestic retail prices of gasoline and diesel by T$0.50/liter ($0.020/liter) effective Monday, according to the companies' websites.
The change raises both refiners' retail prices for 92, 95 and 98 RON unleaded gasoline to T$34.30/liter, T$35.80/liter and T$37.80/liter, respectively, and for diesel to T$33.20/liter.
This marked the third price hike by the Taiwanese refiners in December, sources said.
They last increased prices December 23 to T$33.90/liter, T$35.30/liter and T$37.30/liter for 92, 95 and 98 RON unleaded gasoline, respectively, and to T$32.70/liter for diesel.
According to one source, the CPC price formula is 30% Brent crude futures and 70% Dubai crude.
"If crude prices jump, then they will raise their domestic prices," the source said.
International crude prices have strengthened in recent weeks on geopolitical concerns in the Middle East and North Africa, a drawdown in US crude stocks and a softer US dollar.
December Dated Brent crude prices have trended $2.89/barrel higher at $110.86/b from last month's $107.97/b, and Dubai cash crude has climbed $1.85/b over the same period to $107.80/b in December.
