Gas prices to stay stable

By Lisa Wang  /  Staff reporter

Mon, May 06, 2013 - Page 13

State-run CPC Corp, Taiwan (CPC, 中油) yesterday said it will keep gasoline and diesel prices unchanged after global crude oil prices rose by just 0.68 percent last week.

Global crude oil prices increased US$0.68 to US$100.48 per barrel last week, compared with US$99.8 per barrel in the previous week, after the European Central Bank cut its key interest rate by 0.25 percentage points to a new record low of 0.5 percent in a bid to stimulate economies in the 17-nation bloc, CPC said in a statement posted on its Web site.

Factoring in the appreciation of the New Taiwan Dollar against the US dollar, which was up NT$0.189 last week, prices for gasoline and diesel could have inched up 0.03 percent. The appreciation in the local currency cut CPC’s crude import costs.

Local rival Formosa Petrochemical Corp (台塑石化 ) yesterday also said it will not adjust its gasoline and diesel product prices.