CPC freezes fuel prices for CNY holidays
CPC has left fuel prices at the pump unchanged for this week – after choosing to freeze prices for the upcoming week-long lunar (or Chinese) new year holidays.
The price freeze means 92-octane unleaded is likely to stand at NT$29.1 per litre, while premium diesel is expected to remain at NT$27.8 per litre until price adjustments are reinstated on 30 January.
However, CPC says it could still opt to lower prices from next week if global oil prices register a decline.
According to the state-refiner, international crude oil prices rose last week on the back of China re-opening its borders and strong jobs news from the US.
CPC adjusts its fuel prices weekly using a formula composed of 70% Dubai crude and 30% Brent crude. And based on that formula, the price of international crude oil rose by US$1.3 a barrel this past week.
Formosa Petrochemical has also frozen its fuel prices at the pump from today ahead of the upcoming lunar new year holiday, which begins on Friday.