TAIPEI (Taiwan News) — Taiwan's state-owned oil and gas company, CPC Corp., announced domestic gasoline and diesel prices will rise on Monday, as global oil markets climb amid heightened tensions in the Middle East.
Under the adjustment, gasoline prices will increase by NT$1.70 (US$0.05) per liter, while diesel prices will rise by NT$1.50. The new rates take effect one week after the previous price hike, per CNA.
Taiwan’s fuel pricing mechanism includes a dual stabilization program aimed at easing the burden of rising energy costs. CPC will absorb at least 60% of the increase, with the government covering the remainder.
Without the stabilization measures, gasoline and diesel prices would have risen by NT$10.9 and NT$13.0 per liter, respectively, according to CPC. The government continues to follow its policy of setting fuel prices based on the lowest levels among neighboring Asian markets.
Starting Monday, prices at the pump will be NT$32.4 per liter for 92-octane unleaded gasoline, NT$33.9 per liter for 95-octane unleaded gasoline, NT$35.9 per liter for 98-octane unleaded gasoline, and NT$31.0 per liter for premium diesel
CPC said that as of Sunday, it has absorbed approximately NT$6.99 billion (US$218 million) in fuel costs under the stabilization mechanism implemented on Feb. 28.
The company said the subsidy program is designed to reduce the impact of rising fuel costs on households and industry, while maintaining market mechanisms and domestic price stability.
