Taiwan’s state-owned oil supplier CPC Corp., Taiwan, will keep fuel prices unchanged through Nov. 8 as the crude-oil average in its pricing formula rises and it forecasts per-liter losses.
The decision extends the price freeze for a seventh consecutive week. CPC’s recommended rates are NT$31.2 per liter for 92-octane gasoline, NT$32.7 for 95-octane and NT$34.7 for 98-octane; premium diesel remains NT$29.9 per liter. CPC will leave its recommended retail prices unchanged while absorbing the projected shortfall.
For next week, CPC expects losses of NT$7.9 per liter on gasoline and NT$9.8 on diesel. The company estimates its cumulative losses from holding back price increases linked to the Iran conflict since late February will reach NT$31.86 billion by Sunday.
CPC put the weekly average crude-oil price at US$117.01 per barrel, up from US$114.83 a week earlier. Its floating-price formula assigns 70% weight to Dubai crude and 30% to Brent. The company said the Taiwan dollar’s weekly average exchange rate strengthened to NT$32.460 per U.S. dollar from NT$32.515, partly lowering its overseas oil-purchasing costs.
