Fuel prices stay stable this week

CPC Corp, Taiwan (CPC, 台灣中油) announced on Saturday that it would leave its domestic gasoline and diesel prices unchanged this week, while Formosa Petrochemical Corp (台塑石化) yesterday said it would maintain its fuel prices at the same levels despite higher crude oil purchasing costs.

The decisions came after the two companies increased their gasoline prices by NT$0.7 per liter and diesel prices by NT$0.6 per liter last week.

State-run CPC said its floating price mechanism, based on a weighted average of 70 percent Dubai and 30 percent Brent crude, showed that the average international crude oil price rose to US$125.76 per barrel last week from US$115.61 per barrel a week earlier.

That increase, and a weaker New Taiwan dollar, which averaged NT$31.827 against the US dollar last week compared with NT$31.556 the previous week, pushed CPC’s purchase price for crude oil higher by 7.76 percent in the week, the company said.

The company’s decision not to raise prices at the pump was made despite rising crude oil prices after Saudi Arabian pipelines were attacked, in an effort to curb local inflationary pressures and keep Taiwan’s domestic fuel prices lower than in neighboring markets, CPC said.

Retail gasoline prices this week would remain at NT$31.2, NT$32.7 and NT$34.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively at CPC and Formosa stations, while prices of premium diesel would stay at NT$29.9 per liter at CPC stations and NT$29.7 per liter at Formosa pumps, the companies said.