Oil prices frozen for third week; CPC absorbs over NT$15.5 billion

Taiwan's state-owned oil company, CPC, announced on July 18 that domestic gasoline and diesel prices will remain unchanged starting Monday, July 20. This marks the third consecutive week without price adjustments, a move aimed at stabilizing domestic prices and easing the burden on consumers.

Despite rising international oil prices, driven by escalating tensions between the United States and Iran, CPC has committed to absorbing costs to maintain affordability. The benchmark 7D3B crude oil price has reached $78.82 per barrel. CPC's efforts to stabilize prices include government-supported reductions in commodity taxes, with gasoline and diesel prices seeing absorption of NT$3.7 and NT$2.1 per liter, respectively.

CPC will further absorb an additional NT$0.3 per liter for gasoline and NT$1.1 per liter for diesel between July 20 and July 26. This brings the total absorption to NT$4 per liter for gasoline and NT$3.2 per liter for diesel. Since February 28, CPC has absorbed approximately NT$15.56 billion to implement these price stabilization measures.