CPC, Formosa gasoline prices unchanged, diesel raised by NT$0.1 per liter

Taipei, Feb. 16 (CNA) State-run fuel supplier CPC Corp. Taiwan and the privately owned Formosa Petrochemical Corp. both said Sunday they would leave gasoline prices unchanged but will raise diesel prices by NT$0.1 (US$0.003) per liter.

As a result, starting from Monday, prices at CPC pumps will stay at NT$29.8 per liter for 92-octane unleaded gasoline, NT$31.3 for 95-octane unleaded, NT$33.3 for 98-octane unleaded, and NT$29.0 for super diesel.

The state-run refiner said international oil prices have risen due to the greater demand for heating oil in Europe over winter and the impact of the United States' expansion of sanctions on ships and entities dealing with oil from Iran.

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$1.0 and NT$0.8 per liter, CPC Corp. said.

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 comply with a government policy of keeping Taiwan's domestic fuel prices the lowest among certain neighboring Asian countries.

In addition, the price stabilization measure is activated, absorbing part of the increases.

Starting from 1 a.m. Monday, domestic gasoline prices at Formosa Petrochemical stations will stay at NT$29.8, NT$31.3 and NT$33.3 per liter for 92, 95 and 98-octane unleaded gasoline, respectively, while premium diesel prices will rise by NT$0.1 to NT$28.8 per liter.