CPC Corp, Taiwan (CPC, 台灣中油) announced on Saturday that it would leave domestic gasoline and diesel prices unchanged this week to ease the impact of high 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 10th consecutive week that CPC and Formosa have held fuel prices steady.
Retail gasoline prices 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, the companies said.
Prices for premium diesel are to stay at NT$31.0 per liter at CPC stations and NT$30.8 at Formosa pumps, the companies added.
International crude oil showed a weekly gain last week as traders assessed the extent of demand destruction against a backdrop of ongoing US-Iran peace talks, which have so far yielded little progress toward reopening the critical Strait of Hormuz.
Brent crude, the international oil benchmark, was above US$93 a barrel, while West Texas Intermediate futures were about US$91 a barrel.
Under CPC’s floating price mechanism, which is based on a weighting of 70 percent Dubai crude and 30 percent Brent crude, its average international oil cost fell to US$95.71 per barrel this week from US$99.36 last week.
Since the US-Israel war against Iran broke out in late February, CPC continues to follow the government’s instructions to absorb cost increases and stabilize fuel prices, the state-run company estimated it would have absorbed NT$16.66 billion in losses as of yesterday.
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