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, despite a weekly rise in global crude oil prices last week.
Gasoline prices at CPC and Formosa stations are to remain at NT$27.1, NT$28.6 and NT$30.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to stay at NT$25.5 per liter at CPC stations and NT$25.3 at Formosa pumps, the companies said.
The companies’ announcements came after international crude oil prices last week rose about 1 percent, amid renewed hopes for an end to the war in Ukraine, wider expectations that the US Federal Reserve would lower interest rates again this month, and concerns over softer consumption trends and signs of excess oil supplies.
Front-month Brent crude oil futures — the international oil benchmark — last week rose 1.02 percent to settle at US$63.2 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 0.84 percent to US$58.55 per barrel on the New York Mercantile Exchange.
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