The China Post news staff--Taiwan's two major refiners have raised gasoline and diesel prices by NT$0.1 liter, after a rise in international oil prices.

With the price adjustment, CPC Corp. is now selling 92-, 95- and 98-grade gasoline at NT$31.7, NT$32.4 and NT$33.9 a liter, respectively, and super diesel at NT$29.9 a liter.

Formosa Petrochemical, CPC's main competitor, is offering its products at the same prices except for 98-grade gasoline, which is being offered at NT$34 a liter at Formosa gas stations island-wide.

According to CPC, international oil prices have jumped on various factors including Greece's acceptance of a resolution over its debt problems, a recovery in the U.S. jobs market and continued tensions in the Middle East.

The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, stood at US$123.34 per barrel, up US$0.95 from the US$122.39 for last week. Coupled with exchange rate factors, the margin of increase was 0.82 percent, or a rise of NT$0.3 a liter for local gasoline and diesel prices.

CPC will absorb part of the price hike in keeping with the government's overall price stabilization measure. Since December 2010, CPC has absorbed a total of NT$5.4 and NT$5.5 a liter for gasoline and diesel fuel, respectively. It will take the money back from consumers when prices drop.

Right now, the government has no timetable on when to end the price absorption.