The state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would keep the prices of its gasoline and diesel products unchanged in an attempt to help the government stabilize consumer prices, which have been increasing because of rises in commodity prices.
The announcement came despite the rise in global oil prices. The global price of crude rose 0.12 percent, or US$0.18, to US$97.69 per barrel last week from US$97.51 per barrel the prior week on speculation that political unrest in North African countries would hamper the flow of crude through the Suez Canal, CPC said in a statement on its Web site.
However, the New Taiwan dollar’s 0.097percent rise against the US dollar offset the hike in global oil prices, which would have led to a decrease of 0.12 percent in the retail prices of CPC’s gasoline and diesel products, it said.
The company said it has absorbed a cost increase of NT$0.9 per liter for its gasoline products and NT$1 per liter for it diesel products. CPC plans to raise prices at a later time to reflect rising costs.
Formosa Petrochemical Corp (台塑石化), the only privately-run oil refiner, did not release its latest pricing policy yesterday.