CPC Corp, Taiwan (CPC, 台灣中油) on Saturday announced that it would keep domestic gasoline and diesel prices unchanged this week to ease the impact of rising international crude oil prices amid tensions in the Middle East.
Formosa Petrochemical Corp (台塑石化) yesterday said it would also maintain fuel prices at the same level this week.
The decision marks the fifth consecutive week that CPC and Formosa have held fuel prices steady.
Retail gasoline prices at CPC and Formosa stations are to stay at NT$32.4 (US$1.02), NT$33.9 and NT$35.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Prices for premium diesel remain at NT$31.0 per liter at CPC stations and NT$30.8 at Formosa pumps.
Under CPC’s floating price mechanism, which is based on a weighting of 70 percent Dubai crude and 30 percent Brent crude, the average international oil price rose to US$110.90 per barrel last week, up from US$103.63 the previous week.
To keep Taiwan’s fuel prices lower than those in neighboring markets and support government efforts to limit the impact of rising crude prices on consumers and businesses, CPC said it would absorb NT$4.3 per liter for gasoline and NT$6.1 per liter for diesel this week.
Since the conflict involving the US, Israel and Iran broke out in late February, CPC has absorbed an estimated NT$13.2 billion in losses.
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