CPC Corp, Taiwan (CPC, 台灣中油) is likely to face a NT$2.7 billion (US$87.25 million) bill as the state-run oil refiner begins to reimburse motorists affected by tainted gasoline sold at its stations, company chairman Tai Chein (戴謙) said yesterday.
The company would distribute refunds and reimbursements to motorists and CPC gas station franchisees who had purchased substandard 95-octane unleaded gasoline containing unstable additives, Tai told lawmakers at a question-and-answer session at the Legislative Yuan’s Economics Committee.
The financial cost, which far exceeds a previous estimate of NT$400 million, includes CPC’s pledge to provide a full refund for about 41 million liters of tainted gasoline purchased at 159 affected stations in northern Taiwan from Oct. 1 to Sunday, as well as vouchers equivalent to the refund amount.
According to its most conservative estimate, the company would be absorbing a loss of about NT$1.2 billion based on 95-octane unleaded gasoline’s current price of NT$31.5 per liter, with the amount doubling to about NT$2.5 billion with the addition of the vouchers, Tai said.
The franchisees’ operations were disrupted when they were forced to halt sales while the tainted gasoline was being replaced, CPC president Lee Shun-chin (李順欽) said, adding that the exact cost would be determined by a third party.
CPC would also reimburse motorists if they can prove that their fuel tank sensors were damaged by the tainted gasoline.
When asked if the company’s reimbursement terms were exceedingly generous, at the expense of taxpayers, Minister of Economic Affairs Shen Jong-chin (沈榮津) said that CPC aims to shoulder all responsibility and resolve its shortcomings.
The company had earlier said that while the tainted gasoline had failed to pass quality controls, fuel tank sensors are only likely to be damaged under prolonged exposure.
It said that its fuel products undergo corrosion tests with copper strips at 50°C for three hours to simulate extreme conditions.
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