Economy

Taiwan Raises Fuel Prices as Oil Tops US$100

Published
Updated

By TaiwanPlus

Open in App

Fuel prices in Taiwan rose on Monday after spreading hostilities in the Middle East pushed global crude oil prices above US$100 per barrel. Iran and its allies continued to squeeze routes for exporting oil over the weekend. Yemen’s Houthis took control of areas along the Red Sea, while Saudi Arabia shut down a pipeline following a drone attack. Taiwan’s state-owned CPC says its crude oil costs rose more than 12% last week alone and raised prices for 95-octane unleaded gasoline to more than US$1 per liter. Analysts say oil prices could remain elevated in the long run.