Taipei:State-owned oil supplier CPC Corp., Taiwan, announced that it will keep its domestic gasoline and diesel prices steady next week as international crude oil prices remain high.

According to Focus Taiwan, this marks the third consecutive week that CPC has maintained its domestic fuel prices at the same level. This decision is part of the government's efforts to mitigate inflationary pressures.

CPC's statement revealed that retail prices will remain unchanged at NT$31.2 (US$0.98), NT$32.7, and NT$34.7 per liter for 92-, 95-, and 98-octane unleaded gasoline, respectively. These prices will be effective from midnight Sunday through October 11. The price of premium diesel will also stay at NT$29.9 per liter during this period.

This week saw volatility in international crude oil prices, with Brent, the global benchmark, decreasing, while West Texas Intermediate (WTI) in the United States increased due to Middle East conflicts.

CPC reported that its floating price mechanism, which is based on a weighted average of 70 percent Dubai and 30 percent Brent crude, indicated a decline in the average international crude oil price from US$115.33 per barrel last week to US$112.54 this week. However, a weaker Taiwan dollar, averaging NT$31.850 against the U.S. dollar this week compared to NT$31.741 last week, increased purchasing costs for CPC.

Despite deciding to maintain retail fuel prices, CPC anticipates absorbing a loss of NT$6.4 per liter on gasoline sales and NT$8.2 per liter on diesel sales next week. CPC estimates that by Sunday, it will have absorbed NT$25.34 billion in accumulated losses since the Middle East conflict began in late February, by not fully transferring higher crude oil costs to consumers and businesses.