Taiwan oil prices to remain stable next week

Taiwan's state-owned oil company, CPC Corporation, announced on Friday that it will maintain current prices for gasoline and diesel fuel from Monday, August 17th, to Sunday, August 23rd. This decision comes despite a recent upward trend in international oil prices, influenced by ongoing instability in the Middle East.

To mitigate the impact of rising global oil costs on consumers and ensure price stability, CPC will absorb a portion of the increased expenses. The government's expanded excise tax reduction will contribute NT$3.7 per liter for gasoline and NT$2.1 per liter for diesel. Additionally, CPC itself will absorb NT$2.2 per liter for gasoline and NT$3.5 per liter for diesel, bringing the total absorption to NT$5.9 for gasoline and NT$5.6 for diesel per liter.

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Middle East situation continues to be volatile, and international oil prices are rising.

As a result of these measures, the prices will remain at NT$30.5 per liter for 92-octane unleaded gasoline, NT$32 per liter for 95-octane unleaded gasoline, NT$34 per liter for 98-octane unleaded gasoline, and NT$29.3 per liter for super diesel.

CPC highlighted its commitment to maintaining the lowest prices in the region and continuing its special stabilization mechanism, particularly in light of the Iran-US conflict. Since February 28th, the company has absorbed a total of approximately NT$16.6 billion in fuel costs through these various stabilization initiatives, demonstrating its role in cushioning the domestic market from global price volatility.

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To care for domestic livelihoods and stabilize prices, after overall evaluation, the government has expanded the reduction of commodity tax, absorbing 3.7 yuan and 2.1 yuan for gasoline and diesel respectively.