Taiwan Oil Refiners Keep Fuel Prices Unchanged Amid Crude Price Spike

Taiwan's two major oil refiners have decided to keep retail fuel prices unchanged this week, citing a stronger New Taiwan dollar and higher crude oil purchasing costs. CPC Corp, Taiwan (CPC) announced on Saturday that it would maintain its fuel prices at the same levels as last week, despite a spike in international crude oil prices. Formosa Petrochemical Corp also said it would keep its fuel prices unchanged.

The decision comes after Iran vowed a 'devastating' response to US threats to impose tighter economic sanctions, causing crude oil prices to move higher last week. CPC's floating price mechanism showed that the average international crude oil price rose to $93.01 per barrel from $89.84 per barrel the previous week.

A stronger New Taiwan dollar, which averaged NT$31.901 against the US dollar last week, helped moderate the financial pressure from higher crude oil purchasing costs. As a result, retail gasoline prices 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.