CPC Keeps Fuel Prices Steady Amid Crude Oil Price Rise

CPC Corp, Taiwan (CPC) has decided to maintain its retail gasoline and diesel prices steady this week, despite a rise in crude oil prices last week. This is the third consecutive week that CPC and Formosa Petrochemical Corp (Formosa) have kept their domestic fuel prices unchanged.

The decision comes as the average international crude oil price rose to US$89.84 per barrel last week from US$82.20 per barrel the previous week, according to CPC's floating price mechanism. The mechanism is based on a weighted average of 70% Dubai crude and 30% Brent crude.

A stronger New Taiwan dollar, which averaged NT$32.194 last week compared to NT$32.350 a week earlier, helped CPC offset the rise in crude oil prices to some extent. As a result, retail gasoline prices this week will remain at NT$30.5, NT$32, and NT$34 per liter for 92, 95, and 98-octane unleaded gasoline respectively at CPC and Formosa stations.