China Trade Information

The Ministry of Economic Affairs (MOEA) announced yesterday that the gasoline and diesel prices will be adjusted every week to more accurately reflect fluctuations of international crude oil prices.

Starting Aug. 8, oil prices will be reviewed every Friday and adjusted based on the average international oil price recorded during the previous trading days within the week.

Under the new measure, the state-run oil refiner CPC Corp. will announce its prices on Fridays, which will take effect on Saturdays, Shih Yen-shiang, vice economic minister, said at a news conference Wednesday.

Shih said that CPC, supervised by the MOEA, will absorb an extra NT$0.5 and NT$0.6 of the cost per liter of gasoline and diesel, respectively. Since May 28, CPC has been subsidizing the price of the two fuels by NT1.3 and NT$1.4 a liter, respectively.

The subsidies will cost CPC a monthly deficit of NT$2.05 billion.

Tags: crude-oil, Fuel, oil-prices

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