CPC to maintain oil prices

By Lisa Wang  /  Staff reporter

Mon, Oct 08, 2012 - Page 13

The state-owned oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would keep gasoline and diesel prices unchanged on stabilizing global crude oil prices, ending a recent round of price cuts over the past two weeks.

That will lead the nation’s gasoline retail prices to hover at a high of about NT$34 per liter, after the price of 92-unleaded gasoline hit the mark in April for the first time in more than four years and fluctuated after that.

Global crude oil prices inched up 0.27 percent, or US$0.29, to US$109.36 per barrel last week from the previous week’s US$109.07 per barrel. These prices were based on CPC’s pricing mechanism that should have resulted in a 0.08 percent price rise after factoring in foreign exchange fluctuations, according to a company statement posted on its Web site.