Gasoline and diesel prices this week are to remain unchanged from last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, although global crude oil prices rose amid China’s border reopening and a strong labor market in the US.
Gasoline prices at CPC and Formosa stations are to remain at NT$29.1, NT$30.6 and NT$32.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel fuel is to stay at NT$27.8 per liter at CPC pumps, and NT$27.6 at Formosa stations, the companies said in separate statements.
To keep consumer prices stable during the Lunar New Year holiday beginning on Friday, CPC said that it would not raise its fuel prices, even though its crude oil costs last week rose 0.66 percent, based on its floating oil price formula.
The rise came as market sentiment was boosted by the end of China’s “zero COVID-19” policy and the better-than-expected data for unemployment claims last week in the US, CPC said.
The state-run refiner is to keep current prices in place even if world crude oil prices increase during the holiday, although it would lower prices if global oil prices fall, it said.
CPC is to resume its price adjustments on Jan. 30, the statement said.
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