Taiwan Gas Prices Bounce Back Sharply

Taiwanese car and scooter drivers saw prices at the pump increase by the single largest week on week amount in eight years overnight.

From midnight on Sunday, typically the time Taiwan’s two main fuel processors alter prices, the price per liter of fuel has jumped by around NT $2 per liter.

CPC- the state-run chain of gas stations found around the country increased prices to the following:

92 Unleaded – NT $18.2 / liter

95 Unleaded – NT $19.7 / liter

98 octane – NT $21.7 / liter

Diesel – NT $15.4 / liter

Fuel prices had dipped to 20 year lows over the past two months as a result of bickering between leading oil producing nations Russia and Saudi Arabia, coupled with a decrease in demand caused by the COVID-19 pandemic.

Some nations in Asia and Europe are now starting to come out of lockdown which has contributed to raising prices in recent days, as has an OPEC nations agreement to limit oil production last month.