Taipei, Feb. 4 (CNA) State-run fuel supplier CPC Corp. Taiwan announced Sunday that it will maintain gasoline prices at the same level and lower the price of diesel by NT$0.1 (US$0.003) per liter over the coming two weeks amid government efforts to ensure price stability particularly during the Lunar New Year holiday.
As a result, prices at CPC pumps will stay at NT$29 per liter for 92-octane unleaded gasoline, NT$30.5 for 95-octane unleaded, NT$32.5 for 98-octane unleaded, and fall to NT$27.4 for super diesel.
CPC adjusts its fuel prices weekly based on changes in crude oil prices, using a weighted oil price formula composed of 70 percent Dubai crude and 30 percent Brent crude.
Based on the formula, gasoline and diesel prices should have increased by NT$1.8 and NT$2.1 per liter, CPC Corp. said.
The increase in domestic fuel prices reflects a global rise in crude prices due to a recent drone attack by Iran-backed militants on U.S. troops in Jordan, among several geopolitical and economic factors, the company said in a statement.
However, CPC has been required by the government to absorb most of the increases in crude oil prices rather than passing them on to consumers to prevent higher costs from fueling inflation, a policy that led the company to run a loss of NT$216 billion in 2022.
Because of that approach, along with government policies requiring Taiwan to have the lowest fuel prices among neighboring Asian countries and ensuring stable prices around the Feb. 8-14 Lunar New Year holiday, the company said it will absorb NT$1.8 per liter for gasoline and NT$2.2 per liter for super diesel until Feb. 18.
That will result in its gasoline prices remaining unchanged and super diesel price falling NT$0.1 to NT$27.4 per liter during the period, according to CPC.
Meanwhile, private fuel supplier Formosa Petrochemical Corp. (FPC) said its oil prices will remain at its current level for the next week-- or NT$29 per liter for 92-octane unleaded gasoline, NT$30.5 for 95-octane unleaded, NT$32.5 for 98-octane unleaded, and NT$27.2 for super diesel.
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