Gasoline prices unchanged; diesel down NT$0.1 a liter

With the price adjustment, CPC Corp. is now selling 92-, 95- and 98-grade gasoline at NT$30.6, NT$31.3 and NT$32.8 a liter, respectively, and super diesel at NT$28.7 a liter.

Formosa Petrochemical, CPC's main competitor, is offering its products at the same prices except for 98-grade gasoline, which is offered at NT$32.9 a liter at Formosa gas stations island-wide.

According to CPC, international oil prices have surged on lower unemployment figures in the United States and consensus reached by the European Union to stabilize member nations' finances to solve their debt crisis.

The benchmark that CPC uses, an average between oil traded on Dubai and Brent indices, is at US$109.95 per barrel, up US$0.84 from US$109.11 last week.

However, a sharp appreciation of the New Taiwan dollar last week had more than offset the oil price increase and had actually sent the price 0.33 percent lower. As a result CPC has kept gasoline prices unchanged and lowered diesel by NT$0.1 per liter.

With CPC's price absorption measure is still in effect, the refiner has absorbed a total of NT$4.2 per liter for both gasoline and diesel.

The government is currently pondering whether to scrap the price absorption measure altogether, after CPC's loss of over NT$20 billion last year in the midst of an oil-price hike.

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