Gasoline and diesel prices are to remain unchanged this week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, despite crude oil import costs rising.
Gasoline prices at CPC and Formosa stations are to stay at NT$27.4, NT$28.9 and NT$30.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to remain at NT$26.4 per liter at CPC stations and NT$26.2 at Formosa pumps, they added.
CPC said that based on its weighted oil price formula of 70 percent Dubai crude and 30 percent Brent, its gasoline and diesel prices should have increased by NT$0.7 and NT$0.2 per liter this week respectively, as summer is the peak oil consumption season in Asia, which pushes the price of oil higher.
However, CPC said it would absorb the costs to comply with the government’s policy of keeping domestic fuel prices lower than in major neighboring markets.
Formosa set its prices in line with CPC after accounting for trends in the global oil market, the New Taiwan dollar exchange rate and fierce competition in the domestic market.
The companies’ announcements came after international crude oil prices last week snapped a two-week streak of gains.
Front-month Brent crude oil futures — the international oil benchmark — last week fell 2.93 percent to settle at US$65.5 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — lost 3.34 percent to US$61.87 per barrel on the New York Mercantile Exchange.
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