CPC Corp, Taiwan (CPC, 台灣中油) on Saturday announced that it would leave domestic gasoline and diesel prices unchanged this week to ease local inflationary pressure, despite a spike in international crude oil prices.
Formosa Petrochemical Corp (台塑石化) yesterday said it would also keep fuel prices unchanged this week.
The announcements marked the second consecutive week that CPC and Formosa maintained their domestic fuel prices at the same levels, as a new wave of US and Iran attacks pushed up crude prices worldwide.
International oil prices averaged US$78.82 per barrel last week, up from US$69.89 the previous week, according to CPC’s floating price mechanism, which is based on a weighting of 70 percent Dubai crude and 30 percent Brent crude.
A weaker New Taiwan dollar, which last week averaged NT$32.214 against the US dollar, compared with NT$32.095 a week earlier, added upward pressure to CPC’s oil purchasing costs, the company said.
Retail gasoline prices this week would stay at NT$29.8, NT$31.3 and NT $33.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively at CPC and Formosa stations, while prices for premium diesel would remain at NT$28.8 per liter at CPC stations and NT$28.6 per liter at Formosa pumps, the companies said.
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