Gasoline and diesel prices are to remain unchanged this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, even though international crude oil prices moved higher.
Gasoline prices at CPC stations are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the state-run refiner said in a statement.
The price of premium diesel is to remain at NT$27.3 per liter, it said.
Saudi Arabia’s planned price increases for shipments to Asia and Europe next month, as well as the arrival of the peak holiday driving period in the northern hemisphere, led to increases in international crude oil prices last week, CPC said.
Based on CPC’s floating oil price formula, the cost of crude oil last week rose 3.72 percent from a week earlier.
The refiner said it should have raised gasoline prices this week by NT$7.6 per liter and diesel prices by NT$9.3 per liter.
However, in compliance with a government policy to keep consumer prices stable and fuel prices lower in Taiwan than in neighboring markets, CPC said it would absorb the increases by implementing a price stabilization mechanism.
Formosa Petrochemical’s prices for 92, 95 and 98-octane unleaded gasoline are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter respectively, while the price of premium diesel is to remain at NT$27.1 per liter.
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