CPC Corp, Taiwan (CPC, 台灣中油) on Saturday announced that it would keep domestic gasoline and diesel prices unchanged this week. Formosa Petrochemical Corp (台塑石化) yesterday said it would follow suit.
To ease the impact resulting from a spike in international crude oil prices amid tensions in the Middle East, CPC and Formosa have not changed domestic prices six weeks in a row.
Retail gasoline prices at CPC and Formosa stations are slated to stay at NT$32.4, NT$33.9 and NT$35.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
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 said.
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 fell to US$102.97 per barrel last week, down from US$110.90 the previous week.
Since the US-Israel war against Iran broke out in late February, the company has absorbed an estimated NT$14.18 billion in losses, CPC said.
The company would continue to support government efforts to mitigate the impact of high crude prices on consumers and businesses, it added.
