TAIPEI (Taiwan News) – Taiwan’s CPC Corporation announced that starting from 12:00 a.m. on Monday (Oct. 1), gasoline prices across Taiwan will rise.

Due to the price fluctuations of international petroleum markets, the CPC Corporation has decided to raise the liter price of regular gasoline by $NT0.1, while the price of diesel will increase by $NT0.2.

The price for a liter of 92 grade gasoline will rise to NT$29.3 per liter, while 95 grade will rise to NT$30.8, and 98 grade will be NT$32.8 starting from Monday. A liter of diesel will cost NT$27.1, reports UDN.

Reasons for the increase cited by the CPC Corporation include the rising value of the U.S. dollar in relation to the global energy market as well as indications that many of the world’s major economies are headed for recession.

The CPC Corporation also indicated that gasoline prices should actually be higher and further increases should be expected, reports UDN. However, due to the deprecation of the New Taiwan Dollar against the U.S. dollar in recent weeks, the market will be able to absorb the extra cost, allowing the CPC Corporation to keep the market price of gas relatively steady for the time being.