Staff writer, with CNA
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 inflationary pressures amid ongoing 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.It is the 11th consecutive week that the two companies have maintained domestic gasoline and diesel prices at the same level, even though international crude oil prices are now about 30 percent higher than before the US-Israel war against Iran broke out on Feb. 28.
Retail gasoline prices at CPC and Formosa stations remain at NT$32.4, NT$33.9 and NT$35.9 per liter for 92, 95, and 98-octane unleaded gasoline respectively, the companies said.Prices for premium diesel remains NT$31.0 per liter at CPC stations and NT$30.8 at Formosa pumps, they said.
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$90.12 per barrel last week, down from US$95.71 the previous week.Since the war in the Middle East broke out in late February, CPC estimates it would have absorbed NT$17.63 billion in costs as of yesterday by not reflecting the full increase of international crude oil prices in local fuel prices.
