The state-run CPC Corp, Taiwan (CPC,
A lot of customers have switched to filling their gas tanks at CPC gas stations, after Formosa Petrochemical Corp (
"CPC's average daily sales have increased by 26 percent since Formosa Petrochemical raised its wholesale gasoline and diesel prices [last Saturday]," Liao Tsang-long (廖滄龍), a deputy director of CPC's industrial relations division, said by phone yesterday.
When asked whether the increasing customer demand would pose a threat to its fuel supply, Liao said that aside from 95-octane unleaded gasoline, CPC's fuel supply should be sufficient to meet the growing demand.
Furthermore, the company will adjust its production capacity to solve the problem.
Nevertheless, he said the company did not rule out the possibility of buying oil products from the international spot market if it ran out of its current stocks, although he said it still had a two-month supply in storage.
Despite the pressure of rising international crude oil prices, CPC yesterday reiterated that it won't raise its fuel prices in order to fulfill the government's policy to prioritize fuel supply for the domestic market.
In addition to CPC-owned gas stations, its largest retailer, Taiwan Youni (
The government in November imposed a ceiling on the state-run refiner's prices after inflation rose to a 13-year high.
But several academics have urged the government to resume a floating oil price mechanism with supplementary measures.
Liang Kuo-yuan (
Prior to last week's price hike, CPC controlled about 75 percent of Taiwan's gasoline and diesel market, while Formosa Petrochemical had the remainder .
CPC may post a total loss of NT$110 billion (US$3.6 billion) this year if fuel prices remain unchanged, after a loss of NT$22 billion in the first three months, the company said it estimates.
The refiner reported a profit of NT$11.8 billion last year, the Web site of Taiwan Stock Exchange showed.
Crude oil in New York has climbed 5.7 percent this year.
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