State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油), yesterday said it would keep gasoline and diesel retail prices unchanged as the global crude oil price fell on speculation that weak US jobs data and the European debt crisis would cut demand.
Based on CPC’s pricing formula, global crude oil prices fell 1.06 percent to US$109.47 per barrel last week, from US$110.64 the week before, according to CPC’s Web site.
However, a weak New Taiwan dollar has increased its cost, which would have pushed the fuel price up NT$0.1 per liter.
CPC said it has been cooperating with the government in reducing the inflation risk by not fully passing on rising costs to consumers, resulting in losses of NT$16.5 billion (US$559 million) since August last year.
Formosa Petrochemical Corp (台塑石化) yesterday had not announced its latest fuel prices, but records show it usually matches CPC’s price adjustments.