Fuel prices will rise in Taiwan for the third straight week.
On the back of decreased production levels globally to help counter a glut in the early stages of COVID-19 forced lockdowns worldwide, and a slump in aviation travel, producers around the world were last month left with a huge surplus of petroleum products.
However, with a resolved political spat between Russia and Saudi Arabia over output, and more nations easing lockdown measures, prices have one again risen considerably.
Effective 1 a.m. prices at Taiwanese state run fuel supplier CPC were increased by NT $0.9 per liter for gasoline and diesel fuels.
Prices now stand at:
92 Unleaded – NT $19.1 / liter
95 Unleaded – NT $20.6 / liter
98 Unleaded – NT $22.6 / liter
Diesel – NT $16.3 / liter
The prices for 95 unleaded at FPCC gas stations meanwhile is slightly lower than at CPC pumps, selling for NT $20.5 per liter. Diesel too is NT $ 0.2 lower than that sold by CPC.
In related news, an announcement by Saudi authorities that the nation would continue to decrease its oil output through June is likely to see the recent increases slowly bring fuel prices back to pre-COVID-19 levels by the summer.