CPC to cap gas prices in Taiwan until year end

中油將台灣的汽油價格維持到年底

Despite spike in global oil prices, CPC announced that it will keep fuel prices stable in Taiwan until year end,


TAIPEI (Taiwan News) -- In a move that some have speculated was to avoid angering voters before November's elections, Taiwan's state-owned oil refiner CPC Corp. announced yesterday that it would continue to keep a cap on fuel prices until the end of the year, reported CNA.

Recently, global oil prices have risen sharply and domestic fuel prices were set to rise by NT$0.5 per liter on Oct. 8, but CPC changed its mind and decided to continue to cap prices at their current level until the end of the year.

The CPC on Sunday announced that prices for this week are set to be NT$30.0 per liter for 92 octane unleaded, NT$31.5 per liter for 95 unleaded, NT$33.5 per liter for 98 unleaded and NT$28.2 per liter for super diesel.

There has been some speculation that the government has capped the prices ahead of nationwide elections in Taiwan set for Nov. 24. However, cabinet spokeswoman Kolas Yotaka said that fuel prices are still benchmarked on market trends, the CPC sets prices based on market prices, and she denied any government order to freeze prices.