Taiwan’s CNPC Raises Gasoline Prices by 0.3 Yuan Amidst OPEC+ Decision and Saudi Arabia’s Production Cut

Taiwan’s China National Petroleum Corporation will increase gasoline prices by 0.3 yuan and diesel prices will not be adjusted from midnight on the 12th. (file photo)

[Financial Channel/Comprehensive Report]This week, international oil prices rose due to the decision of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) to extend the production reduction agreement until the end of 2024 and Saudi Arabia to cut production by 1 million barrels per day starting in July. Taiwan’s China National Petroleum Corporation announced that gasoline prices will increase by 0.3 yuan starting from midnight on the 12th, and diesel prices will not be adjusted.

The adjusted reference retail prices are 28.8 yuan per liter for 92 unleaded gasoline, 30.3 yuan per liter for 95 unleaded gasoline, 32.3 yuan per liter for 98 unleaded gasoline, and 27.0 yuan per liter for super diesel. The actual retail price is subject to the announcement of each business point .

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Taiwan’s CNPC stated that according to the principle of floating oil price adjustment, gasoline and diesel should be raised by 0.4 yuan and 0.7 yuan per liter each this week. After the absorption of 95 unleaded gasoline exceeds 30 yuan, the oil price stabilization measures will be further initiated. In the first stage, the 25% amplitude adjustment will be absorbed and rounded up. The reabsorption amount of each liter of gasoline and diesel will be 0.1 yuan. Absorbing 0.1 yuan and 0.7 yuan, the actual price of domestic gasoline will be raised by 0.3 yuan per liter, and the price of diesel will not be adjusted.

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