Taiwan Freezes Fuel Prices for Fifth Straight Week Amid Global Oil Price Volatility
Taiwan's fuel prices have been frozen for the fifth consecutive week, due to continued uncertainty over Middle East crude oil supply and elevated international oil prices. According to CPC Corporation Taiwan, domestic gasoline and diesel prices will remain unchanged from August 31 through September 6.
The company cited two mechanisms that support this decision: the government's expanded Commodity Tax reduction, which absorbs NT$3.7 and NT$2.1 per liter for gasoline and diesel respectively; and CPC's absorption of an additional NT$2.3 and NT$3.6 per liter during the August 31 to September 6 period, as part of its US-Iran War special stabilization mechanism.
This freeze means that Taiwan's retail gasoline and diesel prices remain the lowest among neighboring Asian countries, but it also puts considerable margin pressure on CPC. The company has absorbed a cumulative NT$18.03 billion (approximately $570.1 million) in fuel price adjustments since February 28.