The nation’s two oil refiners announced yesterday they would keep domestic gasoline prices unchanged this week from last week, but would raise diesel prices by NT$0.1 a liter, effective today.
CPC Corp, Taiwan (台灣中油) said global crude oil prices rose in a week of volatile trade last week because of the continued conflict in North Africa and disappointing economic data in the US.
Under CPC’s pricing mechanism, its average crude oil costs rose 0.66 percent to US$108.61 over the week, which would have allowed it to raise gasoline and diesel prices by NT$0.1 and NT$0.2 liter respectively, the refiner said. However, it said it would absorb about half of the cost to help stabilize consumer prices.
Formosa Petrochemical Corp (台塑石化) said a tight supply of crude oil owing to suspended production in Libya also helped lift oil prices after falling for three weeks.