INFLATIONARY PRESSURE:
After an unstable week in global oil markets, analysts said that oil traders are betting that the conflict in the Middle East is nearing a resolution
Staff writer, with CNA
CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) have left domestic gasoline and diesel prices unchanged this week to ease the impact on consumer prices amid the continuing conflicts in the Middle East. It would be the ninth consecutive week that CPC and Formosa have maintained domestic gasoline and diesel prices at the same level to encounter rising inflationary pressure and to comply with a government pricing mechanism. 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. Global oil markets were up and down last week as investors assessed the chances of a breakthrough deal between the US and Iran that could potentially resume shipping through the crucial Strait of Hormuz.
