Gasoline prices are to remain unchanged this week, while diesel prices would see a mild increase of NT$0.1 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, despite a spike in global oil prices last week.
CPC said that, based on its floating oil price formula, the cost of crude oil rose 1.58 percent last week compared with a week earlier, as tensions surrounding the Russia-Ukraine conflict intensified.
However, CPC said it would absorb part of the cost increase to comply with a government policy of keeping domestic fuel prices lower than in major neighboring markets.
The company said it spent NT$23.53 billion (US$721.93 million) to absorb higher fuel costs in the first 10 months of the year.
Formosa made the same price adjustments after factoring in the exchange rate for the New Taiwan dollar, domestic market competition and global market trends, it said.
Effective today, gasoline prices at CPC and Formosa stations are to stay at NT$28.6, NT$30.1 and NT$32.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to be NT$27.2 per liter at CPC stations and NT$27 at Formosa pumps, they added.
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