CPC Corp, Taiwan (台灣中油) on Saturday said its gasoline and diesel prices would remain unchanged this week to stabilize domestic consumer prices, while Formosa Petrochemical Corp (台塑石化) said yesterday that it would follow suit.
It is the third consecutive week that CPC and Formosa have maintained domestic fuel prices at the same level as global oil prices fluctuate due to the US-Israeli war on Iran.
Retail gasoline remain at NT$32.4 (US$1.03), NT$33.9 and NT$35.9 per liter for 92, 95 and 98-octane unleaded gasoline, respectively, at CPC and Formosa stations. Premium diesel remains at NT$31.0 per liter at CPC stations and NT$30.8 at Formosa pumps.
CPC said it would absorb losses of NT$3.6 and NT$5.4 per liter of gasoline and diesel, respectively, to keep Taiwan’s domestic gasoline and diesel prices lower than those of its neighboring markets and stabilize prices to keep a lid on inflation.
Under CPC’s floating pricing mechanism, which uses a weighting of 70 percent Dubai and 30 percent Brent crude prices, the average international oil price last week stood at US$107.44 per barrel, down from US$115.99 per barrel the week before.
Since the US and Israel attacked Iran at the end of February, CPC has absorbed about NT$11.47 billion in losses, the company said.
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