TAIPEI (Taiwan News) — Taiwan will keep gasoline and diesel prices unchanged up to June 21 as CPC Corporation continues to absorb costs from high global oil prices, CNA reported Saturday.
CPC Corporation, Taiwan’s state-owned oil company, said 92 unleaded gasoline will remain at NT$32.4 (US$1.06) per liter. Prices will also stay at NT$33.9 for 95 unleaded gasoline, NT$35.9 for 98 unleaded gasoline, and NT$31 for super diesel.
CPC said international crude prices remain high because of continued uncertainty in the Middle East. It said crude prices have risen about 30% since tensions between the US and Iran escalated on Feb. 28.
The company said it is using a price stabilization mechanism to limit the impact on drivers, households, and businesses. Under the mechanism, CPC absorbs part of the fuel cost instead of passing the full increase on to consumers.
CPC estimated it had absorbed NT$17.63 billion in gasoline and diesel costs from Feb. 28 to Sunday. The figure shows how much of the price gap the company has covered as import costs and global oil prices have risen.
The company said diesel prices will continue to include a subsidy of NT$1.2 per liter. It added that Taiwan’s gasoline and diesel prices remain among the lowest in neighboring Asian markets.
