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🇹🇼 Taiwan /Economy & Trade

Taiwan's CPC Corp. to freeze fuel prices next week amid global surge

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • Taiwan's state-owned oil company, CPC Corp., will keep gasoline and diesel prices unchanged next week.
  • The decision comes amid rising international oil prices due to stalled U.S.-Iran negotiations.
  • CPC Corp. has absorbed approximately NT$17.27 billion in costs since late February to stabilize domestic fuel prices.

Taiwan's state-owned oil company, CPC Corp., announced Tuesday it will freeze gasoline and diesel prices for the upcoming week, defying a global trend of rising oil costs. The decision aims to support domestic livelihoods and stabilize prices, particularly as international crude oil prices climb due to stalled negotiations between the U.S. and Iran.

Effective Monday, prices for 92-octane unleaded gasoline will remain at NT$30.5 per liter, 95-octane at NT$32.0, 98-octane at NT$34.0, and super diesel at NT$29.3. CPC Corp. stated that government tax reductions, absorbing NT$3.7 per liter for gasoline and NT$2.1 for diesel, combined with CPC's own absorption of NT$2.7 for gasoline and NT$4.0 for diesel, total NT$6.4 and NT$6.1 respectively.

This price freeze is part of CPC's ongoing efforts to maintain domestic fuel costs. The company has absorbed a total of approximately NT$17.27 billion in costs for gasoline and diesel combined between February 28 and August 23 through various stabilization measures. These efforts include maintaining the lowest prices in neighboring Asian countries and implementing a special mechanism to stabilize prices amidst the U.S.-Iran conflict.

The decision comes amid rising international oil prices due to stalled U.S.-Iran negotiations.

— CPC Corp.Explaining the rationale behind the price freeze.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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