Prices of gasoline and diesel products at domestic fuel stations are this week to rise NT$0.4 per liter, even though international crude oil prices posted a weekly decline following a ceasefire agreement between Israel and Iran, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
The companies’ moves were against market trends, as international crude oil prices fell sharply last week, ending three straight weeks of gains, with market attention shifting back to economic fundamentals from the geopolitical risk premium.
Front-month Brent crude oil futures — the international oil benchmark — last week plunged 12 percent to settle at US$67.77 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 11.27 percent to US$65.52 per barrel on the New York Mercantile Exchange.
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 and NT$0.5 per liter respectively this week.
However, CPC stated said it would absorb the cost changes to comply with a government policy of keeping domestic fuel prices lower than those in major neighboring markets, while Formosa followed CPC’s lead, taking into account global oil market trends, the exchange rate for the New Taiwan dollar and intense competition in the domestic market.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.1, NT$28.6 and NT$30.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$25.9 per liter at CPC stations and NT$25.7 at Formosa pumps, the companies said.
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