Gasoline and diesel prices this week are to remain unchanged from last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, despite a fall in international crude prices last week.
Gasoline prices at CPC and Formosa stations are to remain at NT$29.6, NT$31.1 and NT$33.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel fuel is to stay at NT$28.2 per liter at CPC stations and NT$28 at Formosa pumps, the companies said.
CPC said it calculates its weekly fuel prices based on a weighted oil price formula that comprises 70 percent Dubai crude and 30 percent Brent.
Based on that mechanism, CPC’s gasoline and diesel prices should have increased by NT$2.2 and NT$2.54 per liter this week respectively. However, CPC said it would absorb the cost changes to comply with a government policy of keeping domestic fuel prices lower than in major neighboring markets, as well as to keep consumer prices stable during the Lunar New Year holiday.
Formosa followed CPC after taking into account trends in the global oil market, the exchange rate for the New Taiwan dollar and fierce competition in the domestic market.
The companies’ moves were against market trends, as global crude oil prices posted a weekly decline last week, ending four straight weeks of gains, after US President Donald Trump announced sweeping plans to boost domestic oil production while reiterating his call for OPEC to bring down oil prices, Reuters reported on Friday.
Front-month US West Texas Intermediate crude oil futures fell 3.53 percent last week to US$74.66 a barrel at the New York Mercantile Exchange, while Brent decreased 2.83 percent to US$80.79 per barrel at London’s ICE Stock Exchange.
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