CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that its gasoline and diesel prices would remain unchanged from last week, a move echoed by its privately run rival, Formosa Petrochemical Corp (台塑石化).
Prices at CPC stations would remain at NT$21.9, NT$23.4 and NT$25.4 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would remain at NT$19.2 per liter, CPC said in a statement.
It had previously raised its prices for two consecutive weeks.
International oil prices rose slightly last week after Moderna Inc announced that its experimental COVID-19 vaccine was 94.5 percent effective and the crude oil processing volume in China continued to increase, indicating that the global economy is expected to recover, CPC said.
While its gasoline and diesel prices should have increased by NT$0.8 and NT$1.0 per liter respectively this week based on its floating oil price formula, CPC said that it would absorb the cost increase to comply with a government policy of keeping domestic fuel prices the lowest in Asia.
Formosa said that it was leaving the prices of its 92, 95 and 98-octane unleaded gasoline unchanged at NT$21.9, NT$23.3 and NT$25.4 per liter respectively, while the price of premium diesel would remain at NT$19.0 per liter.
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