State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it would not change gasoline and diesel prices at its stations this week, despite rising crude oil import costs.
Effective today, gasoline prices at CPC stations are to stay at NT$27.2, NT$28.7 and NT$30.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel is to remain at NT$26.6 per liter, the company said in a statement.
The company’s announcement came after international crude oil prices rose more than 5 percent last week, as tensions between the US and Iran remained high, while the latest data from the Energy Information Administration showed that US crude oil inventories were down sharply last week.
Photo: Lin Jing-hua, Taipei Times
Front-month Brent crude oil futures — the international oil benchmark — last week increased 5.92 percent to settle at US$71.76 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US oil gauge — gained 5.57 percent to US$66.39 per barrel on the New York Mercantile Exchange.
Based on CPC’s weekly fuel price adjustment formula, gasoline and diesel prices would normally increase by NT$1.4 and NT$0.6 per liter respectively.
However, the company said it would absorb the increases to keep its fuel prices below those of neighboring Asian countries to comply with a government policy and to help stabilize domestic consumer prices.
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