Taipei, Oct. 14 (CNA) State-owned oil refiner CPC Corp. Taiwan said Sunday it will maintain its cap on gasoline and diesel prices until the end of the year to help keep domestic price levels stable, despite rising international oil prices.
Prices at CPC gas stations this week will remain at NT$30.0 (US$0.97) per liter for 92 octane unleaded, NT$31.5 per liter for 95 unleaded, NT$33.5 per liter for 98 unleaded and NT$28.2 per liter for super diesel, according to the company.
CPC normally adjusts its prices at the pump on a weekly basis depending on price fluctuations in global crude oil markets, but decided on Oct. 7 to cap its fuel prices at the previous week's level until the end of the year.
Had the company adjusted its fuel prices this week in line with its standard formula, they would have hit the highest level since November 2014.
With the price freeze, however, CPC will absorb an increase this week of NT$1 per liter -- NT$0.6 per liter under a government's fuel price stabilization mechanism that took effect in May plus NT$0.4 per liter that would have resulted from its usual calculations.
Meanwhile, privately run Formosa Petrochemical Corp. (FPC) also said it will not raise prices this week, which means prices at its gas stations nationwide will remain at NT$27.9 per liter for super diesel, NT$30 per liter for 92 octane unleaded, NT$31.4 per liter for 95 unleaded and NT$33.5 per liter for 98 unleaded.
FPC said its decision was in line with the government's policy to help stabilize commodity prices, but the company did not say whether it would maintain the price freeze until the end of the year.
Source: Focus Taiwan News Channel