CPC Keeps Fuel Prices Stable for Fifth Straight Week

CPC Corp., Taiwan's state-owned oil supplier has announced that domestic gasoline and diesel prices will remain unchanged next week, marking the fifth consecutive week of stability in fuel costs.

The decision comes as international crude oil prices have fallen due to rumors of a possible deal to reopen the Strait of Hormuz. The average price of Brent crude is down 0.6% from last week's $93.01 per barrel to $91.56 this week, while the Dubai price has dropped by 1.3%. Additionally, a stronger Taiwan dollar against the US dollar has reduced CPC's purchasing costs.

Despite absorbing losses of NT$2.3 per liter on gasoline sales and NT$3.6 per liter on diesel sales next week, CPC estimated that it will have absorbed a total loss of NT$18.03 billion by Sunday since the war in the Middle East started. By not fully passing on higher international crude oil costs to consumers, CPC aims to ease domestic inflationary pressure.