Gasoline 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, despite an increase in international crude prices last week.
Gasoline prices at CPC and Formosa stations are to remain at NT$26.6, NT$28.1 and NT$30.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
However, the price of premium diesel is to rise NT$0.3 to NT$25.4 per liter at CPC stations and NT$25.2 at Formosa pumps, the companies said.
CPC said it calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent.
Based on that mechanism, CPC’s gasoline and diesel prices should have increased by NT$0.8 per liter this week respectively.
However, CPC said it would absorb the cost changes to comply with a government policy of keeping domestic fuel prices lower than in major neighboring markets.
Formosa followed CPC after taking into account trends in the global oil market, the New Taiwan dollar exchange rate and fierce competition in the domestic market.
The companies’ announcements came after global crude oil prices posted their largest weekly gain since early October 2022, after Israel launched a wide-ranging attack on Iran.
Also weighing on market sentiment was that talks between the US and Iran on the future of the latter’s nuclear program had stalled, they said.
Front-month Brent crude oil futures — the international oil benchmark — last week rose 11.67 percent to settle at US$74.23 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 13.01 percent to US$72.98 per barrel on the New York Mercantile Exchange.
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