Taiwan’s government eased restrictions on CPC Corp.’s gasoline and diesel prices, allowing the state-run refiner to pass on higher crude costs, the Ministry of Economic Affairs said on its website today.
The benchmark 95-RON gasoline will rise by NT$3.1 a liter to NT$35.5 ($1.20), and diesel will climb NT$3.2 to NT$33.1 a liter, effective tomorrow, the ministry said.
Taiwan joins Asian neighbors including China in increasing fuel prices after an increase in crude costs caused oil companies to post losses on refining operations. Oil climbed on March 30, capping a second quarterly gain, after reports showed U.S. consumer sentiment and spending rose and President Barack Obama cleared the way for new sanctions targeting Iran.
RON, or research octane number, is a measurement of gasoline quality.
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