CPC, Formosa to Keep Fuel Prices Unchanged This Week

The two oil refiners in Taiwan announced yesterday a freeze on price changes for gasoline and diesel on the domestic market for the current week because of a negligible increase in import costs for crude oil.

CPC Corp., Taiwan executives said the government-owned energy company decided not to change the prices because crude import costs edged up just 0.03 percent under the existing price adjustment formula.

Factors affecting the crude oil price in international markets for the past week included increased output by oil producing nations, the European Central Bank reducing interest rates, and the New Taiwan dollar gaining slightly on the U.S. dollar.

Formosa Petrochemical Corp., the main rival of CPC in Taiwan, announced a price freeze given similar factors.

(chinapost.com.tw, Edited by Topco)