Oil Prices Surge After Saudi Pipeline Attack
Saudi Arabia's east-west crude pipeline attack has sent global oil prices sharply higher, causing international oil prices to surge over 10% in a single week. The average price of crude oil rose from $115.61 per barrel last week to $125.76 per barrel this week, according to CPC Corporation Taiwan's pricing formula.
CPC announced that it will freeze domestic gasoline and diesel prices next week, maintaining the lowest prices among neighboring Asian countries in line with the government's price stabilization policy. The company will absorb the full increase in oil prices, which would have resulted in a 7.76% rise in fuel costs for consumers.
The cumulative absorption by CPC since the start of the war has exceeded NT$21.9 billion (approximately $690.1 million), with this week's price freeze adding approximately NT$2 billion to that total. The attack on Saudi Arabia's pipeline is expected to continue affecting global oil prices in the near term, with market analysts predicting volatility at high levels.