CPC says oil prices to remain unchanged for next week, despite international fluctuations
The CPC Corporation, Taiwan's state-owned oil company, announced Saturday, October 24, that it would not raise gas prices, despite the international benchmark for prices reaching another high. The change will last a week, until November 1, when it will likely be evaluated again.
Since February 28, when the Iran War began, multiple price stabilization measures have been employed to keep Taiwan competitive with neighboring countries and fight inflation. However, this has resulted in CPC absorbing nearly NT$30.37 billion (over US$ 930 million) in losses by not passing on the full prices of gasoline and diesel.
This week, the international benchmark for oil prices, Brent futures, reached a high of US$114.83 per barrel, as attacks on oil infrastructure in the Middle East, and Saudi Arabia especially, continue.
Still, CPC said the price of petroleum for the next week for -92, -95, and -98 gasoline will be NT$31.2 (US$0.96), NT$32.7, and NT$34.7 per liter, respectively. Diesel wil...
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