The Ministry of Economic Affairs (MOEA) yesterday said CPC Corp, Taiwan (CPC, 台灣中油) would announce a new fuel price adjustment on Friday by comparing the average crude oil price from Aug. 1 to Aug. 7 with the average oil price in June [US$129.2 per barrel].
The state-run refiner will adjust its wholesale prices of gasoline and diesel products every week. CPC will announce its price adjustment every Friday at 5pm on its Web site and the new rate will take effect on Saturdays, the ministry said.
CPC vice president and spokesman Chu Shao-hua (朱少華) said that CPC has absorbed a cost of NT$1.3 per liter of gasoline and NT$1.4 per liter of diesel since May 28, which had resulted in a loss of NT$1.46 billion per month.
Moreover, the NT$0.5 per liter of gasoline and NT$0.6 per liter of diesel that CPC absorbs as of Aug. 2 are expected to add another NT$590 million to the company’s monthly losses.
CPC has accumulated NT$51.2 billion in losses this year as of the end of last month, Chu said.
The additional costs that CPC absorbs are scheduled to end on Nov. 27, which is in line with the corresponding drop in commodity taxes that the company must pay — NT$1.3 per liter for gasoline and NT$1.4 per liter for diesel.
But the actual timing will still depend on developments in international oil prices, the ministry said.
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