Taiwan's state-owned oil supplier, CPC Corp., Taiwan, will keep domestic gasoline and diesel prices unchanged through Nov. 22, extending its freeze to nine weeks and limiting how much fuel costs change for motorists.
For U.S. readers following energy markets, the decision reflects movements in Dubai and Brent crude and the Taiwan dollar's exchange rate against the U.S. dollar. CPC's latest pricing data show that the crude-oil average used in its formula fell, although the currency move partly offset the decline.
From Nov. 16, recommended prices will be NT$31.2 per liter for 92-octane gasoline, or US$0.95, NT$32.7 for 95-octane and NT$34.7 for 98-octane. Premium diesel will remain NT$29.9 per liter.
CPC will absorb NT$2.3 per liter on gasoline and NT$3.7 on diesel for the week.
CPC's formula assigns 70% weight to Dubai crude and 30% to Brent. The formula-linked average dropped to US$90.61 per barrel from US$99.79 the previous week. The Taiwan dollar's weekly average rate moved to NT$32.867 per U.S. dollar from NT$32.763, partly offsetting lower crude prices.
CPC cited elevated international oil prices.
CPC estimated that cumulative absorption would reach about NT$35.36 billion through Nov. 15. Its previous estimate was about NT$31.86 billion through Nov. 8, as noted in EconoTimes' earlier update on Taiwan's fuel-price freeze. CPC said it will monitor international conditions and oil-market supply and demand, then review the measures with government policy.
