State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would leave prices for its gasoline and diesel products unchanged this week from last week, as global oil prices moved within a narrow range amid mixed factors.
CPC said the Japanese government’s efforts to revitalize its economy and Saudi Arabia’s plan to cut oil production helped boost global oil market sentiment last week, which was earlier affected by slowing demand from Europe.
The company said its weighted oil price formula showed that average crude oil costs fell US$0.06 per barrel to US$109.02 last week from the previous week.
Last night, privately owned Formosa Petrochemical Corp (台塑石化) said it would not adjust prices this week, citing the positive short-term outlook for global crude oil prices and fierce competition with CPC.
Prior to this week, the two firms had raised prices for three weeks in a row.