Taipei: State-run fuel supplier CPC Corp. Taiwan and privately owned Formosa Petrochemical Corp. announced on Sunday that they will maintain current gasoline prices, while diesel prices will see a minor increase of NT$0.1 per liter.

According to Focus Taiwan, CPC’s gasoline prices will remain unchanged at NT$29.8 per liter for 92-octane unleaded, NT$31.3 for 95-octane unleaded, and NT$33.3 for 98-octane unleaded. Meanwhile, the price for super diesel will be NT$29.0 per liter. This decision comes amid rising international oil prices, attributed to increased demand for heating oil in Europe during winter and the impact of expanded U.S. sanctions on entities dealing with Iranian oil.

CPC adjusts its fuel prices weekly based on a weighted oil price formula, which consists of 70 percent Dubai crude and 30 percent Brent crude. Despite calculations suggesting that gasoline and diesel prices should have risen by NT$1.0 and NT$0.8 per liter, respectively, CPC has been directed by the government to absorb most of these increases. This directive aligns with a policy to keep Taiwan’s domestic fuel prices among the lowest in neighboring Asian countries.

Formosa Petrochemical Corp. will also maintain current gasoline prices at NT$29.8, NT$31.3, and NT$33.3 per liter for 92, 95, and 98-octane unleaded gasoline, respectively. However, the price of premium diesel will increase by NT$0.1 to NT$28.8 per liter, effective from 1 a.m. on Monday.