The state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it will keep prices for its gasoline and diesel products unchanged in a move to help the government keep consumer price stable during the conclusion of the Lunar New Year holiday.
The decision went against the uptrend of global oil prices. Global oil prices climbed 3.07 percent to US$97.51 per barrel last week because of political unrest in Egypt, compared with US$93.75 per barrel the prior week, CPC said in a statement on its Web site.
The global spike in prices would normally cause a price hike of NT$0.7 per litter for CPC’s gasoline and diesel products, it said.
“To cope with the policy of keeping consumer prices stable, CPC will not raise prices during the Lunar New Year holiday,” it said.
The company planned to raise prices at a later date to reflect the rising imported crude costs, it said.
Formosa Petrochemical Corp (台塑石化), the nation’s only -privately-run oil refiner, also said it would not increase its prices.