Taiwan's CPC Keeps Fuel Prices Unchanged Despite Crude Oil Price Spike

CPC Corp., Taiwan has announced that it will keep domestic gasoline and diesel prices unchanged next week despite a spike in international crude oil prices.

The state-owned oil supplier said its retail prices for 92, 95, and 98-octane unleaded gasoline will remain at NT$30.5, NT$32.0, and NT$34.0 per liter respectively, while the price of premium diesel will stay at NT$29.3 per liter.

CPC cited its floating price mechanism, which shows that the average international crude oil price rose from US$89.84 per barrel last week to US$93.01 this week, as the reason for keeping prices unchanged.

The company also noted that a stronger Taiwan dollar helped moderate the financial pressure from higher crude oil purchasing costs, allowing it to absorb losses of NT$2.7 per liter on gasoline sales and NT$4 per liter on diesel sales next week.