CPC Holds Fuel Prices Steady Amid Declining Crude Oil Costs
CPC Corp, Taiwan (台灣中油) has decided to hold domestic fuel prices steady this week despite a decrease in international crude oil prices. The company announced that retail gasoline prices for 92, 95, and 98-octane unleaded gasoline will remain at NT$30.5, NT$32.0, and NT$34.0 per liter, respectively.
The price of premium diesel is also set to stay at NT$29.3 per liter this week, according to CPC. The company uses a floating pricing mechanism that takes into account the average international crude oil price, which fell to US$83.99 last week from US$90.08 per barrel in the previous week.
CPC said its mechanism is based on a weighted average of 70 percent Dubai crude and 30 percent Brent crude. Although crude oil prices decreased this week, they remain above pre-tension levels in the Middle East.