CPC Raises Domestic Fuel Prices Amid Escalating Middle East Tensions
CPC Corp., Taiwan, has announced plans to raise domestic gasoline and diesel prices next week. The price hike is in response to a surge in international crude oil costs due to escalating tensions in the Middle East. Under CPC's floating price mechanism, which weights 70% Dubai crude and 30% Brent crude, the average international oil price rose to $90.08 per barrel this week.
The recommended prices for gasoline will increase by NT$0.7 per liter, while diesel prices will rise by NT$0.5 per liter. The new prices are as follows: 92-octane unleaded gasoline (NT$30.5), 95-octane unleaded gasoline (NT$32.0), and 98-octane unleaded gasoline (NT$34.0) for gasoline; premium diesel (NT$29.3 per liter).
CPC estimates that it will absorb losses of NT$2.3 per liter from gasoline sales and NT$3.6 per liter from diesel sales, despite the price hike.