CPC and Formosa increase gas and diesel prices today

Domestic gasoline and diesel prices will increase by NT$0.3 and NT$0.5 per liter respectively today, state-owned oil refiner CPC Corp, Taiwan (CPC,) and its privately owned rival, Formosa Petrochemical Corp, announced yesterday. CPC sets its prices by using energy information provider Platts’ reports on average petroleum prices in Dubai and for Brent crude, with a 70 percent and 30 percent allocation respectively. After the adjustment, CPC’s price for a liter of 98-octane unleaded gasoline will be NT$30.5. The price of 95-octane unleaded gasoline will be NT$29, and 92-octane unleaded gasoline will cost NT$28.3 per liter. TPWU chairman Wang Ming-huei, who also works for CPC, said in the press release: “CPC still managed to increase its market share as well as increase gasoline distribution in 2008, demonstrating CPC workers’ added value and contribution to the company as well as society.” If CPC had followed South Korea’s pricing system, it would have achieved profits of NT$8.2 billion last year, while if it had followed Japan’s pricing system, the government-run company would have made a profit of NT$29.6 billion last year, Wang said. (June 26, 2009)