Despite soaring international crude oil prices amid military conflict in the Middle East, CPC Corp, Taiwan yesterday said that it would leave domestic gasoline and diesel prices unchanged this week, with benchmark 95-octane unleaded gasoline to stay at NT$33.9 (US$1.06) per liter.
State-owned oil supplier CPC said the decision was made based on a price stabilization mechanism introduced by the Cabinet after the US-Israel war against Iran started at the end of February.
After the decision, retail gasoline prices would stay at NT$32.4, NT$33.9 and NT$35.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively from the week starting at midnight tonight, while premium diesel would stay at NT$31.0 per liter.
Photo: CNA
CPC spokeswoman Lin Ke-ju (林珂如) said that the decision not to adjust domestic retail oil prices came as the average price of international crude oil this week remained below what it was a week earlier, but added that crude oil prices continue to hover at high levels amid geopolitical unease.
After taking into account the subsidies provided by neighboring countries on retail oil prices to limit the effects of a surge in international crude oil prices, CPC decided to follow the government’s instruction to stabilize consumer prices, Lin said.
For the week to April 12, CPC’s domestic retail gasoline and diesel prices are expected to remain the cheapest among neighboring countries, as CPC will absorb NT$6.8 per liter in gasoline prices and NT$8.8 per liter in diesel prices, the company said.
The company as of today would have absorbed more than NT$9.06 billion through subsidies on domestic retail gasoline prices since the war in the Middle East started on Feb. 28, it said.
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