The nation’s two oil refiners announced yesterday that they would increase domestic gasoline and diesel prices by NT$0.2 a liter this week from last week, effective today. It would be their first price hike in six weeks.
CPC Corp, Taiwan (台灣中油) said in a statement that global crude oil prices rose last week on the back of a weakening US dollar and a stronger-than-expected decline in US crude oil inventories.
Formosa Petrochemical Corp (台塑石化) said in a separate statement that global crude oil prices rose earlier last week on stabilizing world stock markets.
“While oil prices slid again because of disappointing economic data from the US and Europe, the average prices remained higher than the previous week’s,” it said.
Under the CPC’s pricing mechanism, its average crude oil costs rose 2 percent to US$105.4 last week, which would have allowed it to raise gasoline and diesel prices by NT$0.5 per liter, the refiner said. However, the firm said it would absorb about half the cost to help stabilize prices.
In related news, CPC said on Friday it planned to invest more in its exploration well Benoy-1 in Chad, after crude and natural gas were discovered earlier this year.
The Benoy-1 well — which could yield 9,800 barrels of oil and 35,000 cubic meters of natural gas per day — is the largest overseas exploration the company has conducted at a single well over the past 40 years, CPC said.
“Over the next three years, CPC plans to invest NT$2 billion [US$68.98 million] and apply for subsidies from the government’s petroleum fund for more research and exploration work to better understand the field’s economic efficiency,” the company said in a statement.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in