Gasoline, diesel prices unchanged

CPC Corp, Taiwan (CPC, 台灣中油) said on Saturday that it would keep domestic gasoline and diesel prices unchanged for a second consecutive week this week, while Formosa Petrochemical Corp (台塑石化) said yesterday that it would follow suit.

State-run 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.

Front-month Brent crude oil futures — the international oil benchmark — last week rose 0.43 percent to settle at US$104.32 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude oil futures, the main US price benchmark, fell 3.82 percent in the week to US$92.41 per barrel on the New York Mercantile Exchange.

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.

Retail gasoline prices this week are to remain at NT$31.2, NT$32.7 and NT$34.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively at CPC and Formosa stations, while prices of premium diesel would stay at NT$29.9 per liter at CPC stations and NT$29.7 per liter at Formosa pumps, the companies said.