CPC to keep domestic gasoline, diesel prices unchanged next week

Taipei, Sept. 26 (CNA) Taiwan's state-owned oil supplier CPC Corp., Taiwan said Saturday it would keep gasoline and diesel prices unchanged for a second consecutive week despite international crude oil prices hovering at high levels.

Recommended retail prices will remain at NT$31.2 (US$0.98), NT$32.7 and NT$34.7 per liter for 92-, 95- and 98-octane unleaded gasoline, respectively, from midnight Sunday through Oct. 4, CPC said in a statement.

The recommended retail price of premium diesel will also remain at NT$29.9 per liter during the same period, CPC added.

CPC said international crude oil prices have remained volatile at high levels as attacks by Houthi rebels in Yemen on areas near Saudi Arabia's port of Yanbu have raised market concerns about possible disruptions to crude oil shipment routes through the Red Sea.

Despite the high crude oil prices, CPC said it decided to continue observing the government's price stabilization measures aimed at easing inflationary pressure and keeping domestic fuel prices below those in neighboring markets to help maintain Taiwan's competitiveness.

After the decision, CPC expects to absorb losses of NT$7.0 per liter on gasoline sales and NT$8.8 per liter on diesel sales next week.

By Sunday, the company estimates that its cumulative losses since the war in the Middle East began at the end of February will have reached NT$24.02 billion.

Those losses reflect CPC's decision not to pass the full increase in crude oil costs on to consumers and businesses.