Taipei-Taiwan's two major fuel suppliers said Sunday they will not increase their gasoline and diesel prices in the coming week despite a recent rise in international oil prices to keep prices stable ahead of the Lunar New Year holiday.
State-owned oil refiner CPC Corp. Taiwan normally adjusts its fuel prices on a weekly basis depending on price fluctuations in global crude oil markets, but it decided to keep its fuel prices at this past week's level until the end of the Lunar New Year holiday through Feb. 11.
It said prices at its gas stations the next two weeks will remain at NT$26.4 (US$0.88) per liter for 92 octane unleaded, NT$27.9 per liter for 95 unleaded, NT$29.9 per liter for 98 unleaded and NT$24.2 per liter for super diesel.
International crude oil prices rose this past week on expectations that China and the United States will be able to settle their trade dispute and that Russia and Saudi Arabia will lead other oil producers to meet their output cut commitments.
That resulted in an increase to US$61.26 per barrel last week in CPC's weighted oil price formula, up from US$59.79 a week earlier.
Had the company adjusted its fuel prices this week in line with its standard formula, its gasoline and diesel prices would have risen by NT$0.3 per liter this week.
Privately run Formosa Petrochemical Corp. (FPC) announced, meanwhile, that it will also not adjust its fuel prices for the coming week to keep prices stable ahead of the Lunar New Year holiday.
That means that prices at FPC gas stations nationwide will remain at NT$24.0 per liter for super diesel, NT$26.4 per liter for 92 octane unleaded, NT$27.8 per liter for 95 unleaded and NT$29.9 per liter for 98 unleaded, according to the company.
FPC did not say, however, whether or not it will maintain the price freeze the following week when Taiwanese will be celebrating the arrival of the Year of the Pig.
Source: Focus Taiwan News Channel