Fuel prices drop again despite rising oil costsBy Chen Cheng-hui / Staff reporterDomestic gasoline and diesel prices are to drop by NT$0.6 per liter this week, following a decrease of NT$0.1 per liter last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Due to the EU’s embargo on Russian oil and the arrival of the peak holiday driving period in the northern hemisphere, international crude oil prices last week increased from the previous week, CPC said. Based on CPC’s floating oil price formula, the cost of crude oil last week rose 2.04 percent from a week earlier. The refiner said that it should have raised gasoline prices this week by NT$6.0 per liter and diesel prices by NT$7.5 per liter. CPC spent NT$12.79 billion (US$435.2 million) to absorb higher fuel costs in the first five months of the year, it said.
