State-run oil refiner CPC Corp, Taiwan (台灣中油), yesterday said it would keep gasoline and diesel retail prices unchanged to reflect stabilizing costs as falling crude oil demand cut price hikes.
Last week, global crude oil inched up US$0.06 to US$113.53 a barrel, compared with US$113.47 a barrel the previous week based on CPC’s pricing formula, the oil refiner said in a statement posted on its Web site.
The strong New Taiwan dollar helped offset cost increases caused by the slight price increase of global crude, CPC said.
The oil refiner said it would stick to its pricing policy of passing only part of global crude oil price hikes to local consumers, to help the government stabilize consumer prices.
Local rival Formosa Petrochemical Corp (台塑石化) did not update prices for its gasoline and diesel prices, though the company usually matches CPC’s price adjustments.