Taipei, Dec. 29 (CNA) – State-run oil refiner CPC Corp., Taiwan announced on Sunday that it will keep gasoline and diesel prices steady for the upcoming week, despite a rise in global oil prices last week.
From Monday, the prices at CPC gas stations across Taiwan will remain at NT$27.3 per liter for super diesel, NT$28.6 per liter for 92-octane unleaded, NT$30.1 per liter for 95-octane unleaded, and NT$32.1 per liter for 98-octane unleaded.
CPC Corp. explained that, according to its oil price formula, the cost of crude oil increased by 0.4 percent last week, driven by a drop in U.S. commercial crude oil inventories and ongoing geopolitical tensions in the Middle East.
Using a pricing formula based on 70 percent Dubai crude and 30 percent Brent crude (7D3B), CPC calculated that fuel prices should have risen by NT$1.3 per liter. However, the company stated that it would absorb the increase to align with the government’s policy of keeping domestic fuel prices lower than those in neighboring countries.
CPC also noted that it has absorbed over NT$24.64 billion in costs during the first 11 months of this year.
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