Mon, Apr 14, 2014 - Page 13 News List

No change in fuel prices

By Kevin Chen  /  Staff reporter

State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would leave the prices for its gasoline and diesel products unchanged this week from last week, as a rising New Taiwan dollar helped offset the increase in global crude oil prices.

Formosa Petrochemical Corp (台塑石化) also said in a statement that it would follow suit and not raise prices this week.

CPC said its average crude oil costs rose US$0.72 per barrel to US$104.53 last week from the previous week after the US Federal Reserve’s recent minutes showed it would not raise interest rate anytime soon, which drove the US dollar down and pushed up crude oil prices.

The company said the NT dollar climbed NT$0.222 against the US currency last week, which offset the rise in crude prices and allowed the company to keep its domestic fuel prices unchanged, based on its pricing mechanism.

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