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Middle East conflict triggers fuel price surge as CNOOC absorbs billions
16 articles |
Updated 2h ago |
Created 1d ago
Amidst escalating tensions between the US, Iran's proxies, and Iraq that could lead to full-scale war by mid-month, China National Petroleum Corporation (CNOOC) has absorbed nearly NT$7 billion of price increases ahead of scheduled adjustments effective April 1 for March/30th pricing cycles.
Key Points
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1The Ministry of Economic Affairs has approved a price increase for gasoline and diesel effective March 30, with prices rising by NT$1.7 per liter.
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2China Petroleum Corporation (CPC) stated it absorbed over NTD69 billion in the past two weeks to mitigate fuel costs before this hike was implemented.
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3Experts note that while global oil markets are volatile due to geopolitical tensions like US-Iran conflicts, domestic prices have been decoupled from international benchmarks for 20 years.
Developments
[Mar 31]
(Implied start of price increase on March 30)
[Mar 29, 15:01] - Mar 28
Taiwan Petroleum Corporation (TPC) announced gasoline and diesel prices rose by NT$1.7 per liter.