CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would continue to keep gasoline and diesel prices unchanged this week for a second consecutive week.
This is despite a seventh weekly rise in global crude oil prices amid tensions in Ukraine and a tight supply in the US.
Gasoline prices at CPC stations are to remain at NT$29.8, NT$31.3 and NT$33.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel fuel is to stay at NT$26.5 per liter, the state-run refiner said in a statement.
Formosa Petrochemical’s prices for 92, 95 and 98-octane unleaded gasoline are to remain at NT$29.8, NT$31.2 and NT$33.3 per liter respectively, while premium diesel is to stay at NT$26.3 per liter, the company said.
Global crude oil prices continued to climb last week on a combination of factors that included a cold snap in Texas and rising concerns about the state’s shale oil production.
Military tensions between Ukraine and Russia were another factor, after the US sent troops to aid European allies, CPC said.
The refiner said its crude oil costs last week rose 2.1 percent, following an increase of 1.23 percent the previous week, based on its floating oil price formula.
To comply with government policy, CPC said that it would not raise fuel prices so that consumer costs would remain stable through the Lunar New Year holiday.
It is to resume its price adjustments on Monday next week, the statement said.
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