CPC sets crude price ceiling for product hike freeze

State-run oil refiner CPC Corp. will not consider freezing a hike on its oil prices until after the international crude oil price hit a high of US$100 per barrel, a top CPC official said. CPC President Chu Shao-hua made the remarks in response to the Economics and Energy Committee of the Legislative Yuan having passed a provisional motion calling for the CPC to freeze oil price hikes if the price of 95-octane unleaded gasoline hits a high of NT$32.5 (US$1) per liter and diesel fuel reaches NT$28 (US$0.86) per barrel. Chu said it was too early to discuss freezing oil price hikes, reasoning that while the domestic oil price should be raised by NT$1 (US$0.03) for every US$5 hike per barrel in international crude oil price, a freeze on the NT$1 price hike would make CPC suffer a monthly loss of NT$1 billion (US$30.86 million). (November 13, 2009)