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.
CPC said its average crude oil costs rose US$0.29 per barrel to US$94.3 last week from the previous week because of the cold weather in the US and Europe.
The company said the NT dollar climbed NT$0.205 against the US currency last week, which offset the rise in crude prices, but also allowed the company to lower gasoline prices by NT$0.1 per liter based on its pricing mechanism.
Since CPC has absorbed NT$0.3 per liter recently amid rising crude prices, the company said it decided to keep this week’s prices unchanged from last week.
Last night, Formosa Petrochemical Corp (台塑石化) announced that it would follow suit and not raise prices this week.
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