Gas, diesel fuel prices to remain unchanged in Jan.

Natural gas and fuel oils will also remained unchanged to help stabilize consumer prices, the company said in a statement.

CPC Corp. implemented a “floating price” mechanism in September 2007 that adjusted fuel prices weekly based on changes in international crude oil costs. The policy was changed in November 2007 as crude oil approached US$100 per barrel, with domestic gasoline prices not allowed to go more than 12 percent higher than their level at the beginning of September 2007.

Based on fluctuations in the price of West Texas Intermediate crude traded on the New York Mercantile Exchange, gasoline and diesel fuel prices in January should increase by 8.62 percent, CPC said.

But because that would push local gasoline prices 21.66 percent above those of September 2007 — exceeding the 12 percent threshold — CPC decided not to adjust gasoline and diesel prices in January, the company said.

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