State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced that it would lower gasoline prices by NT$0.8 per liter and diesel prices by NT$0.9 per liter, effective today.
This is compared with hikes of NT$0.6 per liter for gasoline and NT$0.7 per liter for diesel on Monday last week.
The price cuts reflect weak sentiment in the international crude oil market last week amid concerns about the spread of COVID-19 outside of China, including Japan, South Korea and Italy, CPC said.
Its average crude oil costs last week fell US$4.18 per barrel from the previous week’s US$56.91 to US$52.73 per barrel, the company said.
As the New Taiwan dollar last week depreciated NT$0.199 against the US dollar, CPC decided to lower wholesale prices for its diesel and gasoline products by 5.39 percent, it said.
Prices at CPC’s gas stations are now NT$24.7, NT$26.2 and NT$28.2 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is NT$22.4 per liter.
It also announced price cuts for liquefied petroleum gas (LPG) products and left prices unchanged for liquefied natural gas items, effective today.
The price of household LPG has been lowered by NT$1.4 per kilogram, which means a 20kg gas cylinder would cost NT$28 less, while the price of LPG used in cars was reduced by NT$0.8 per liter, it said.
Formosa Petrochemical Corp (台塑石化) announced similar price cuts effective today, with prices for 92, 95 and 98-octane unleaded dropping to NT$24.7, NT$26.1 and NT$28.2 per liter respectively, and premium diesel dropping to NT$22.2 per liter.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
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
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
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to