CPC says no price rises

By Kevin Chen  /  Staff reporter

Mon, Oct 21, 2013 - Page 13

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

CPC said its average crude oil costs rose US$0.32 per barrel to US$108.13 last week from the previous week following sessions of volatile trading marked by the eased tensions between the West, Syria and Iran as well as Washington’s temporary deal to solve the federal budget and the debt ceiling crises.

The company said the NT dollar climbed NT$0.069 against the US currency last week, which offset the rise in crude prices.

As usual, Formosa Petrochemical Corp (台塑石化) decided to follow suit and not adjust prices this week, taking global oil market sentiment and local competition into consideration.