The nation’s two major fuel suppliers yesterday announced small price hikes for this week, after global crude oil prices rose amid tensions in the Middle East.
CPC Corp, Taiwan (CPC, 台灣中油) would raise its gasoline and diesel prices by NT$0.1 per liter effective today, the state-run oil refiner said.
After the adjustment, retail prices at CPC gas stations would be NT$27 per liter for 92-octane unleaded, NT$28.5 per liter for 95-octane unleaded, NT$30.5 per liter for 98-octane unleaded and NT$24.9 per liter for super diesel.
CPC said that OPEC members’ decision to extend their agreement to cut oil output and attacks on Thursday on two oil tankers in the Gulf of Oman were factors pushing global crude oil prices higher last week.
The price of Brent crude on Friday increased US$0.75 to US$62.06 a barrel and that of West Texas Intermediate rose US$0.24 to US$52.52.
Meanwhile, Formosa Petrochemical Corp (台塑石化) announced identical price adjustments that are to take effect today.
Prices at Formosa Petrochemical gas stations would be NT$27 per liter for 92-octane unleaded, NT$28.4 per liter for 95-octane unleaded, NT$30.5 per liter for 98-octane unleaded and NT$24.7 per liter for diesel.
The oil price rebound could be favorable to the petrochemical sector, especially upstream players, such as Formosa Petrochemical and Formosa Chemicals & Fibre Corp (台灣化纖), Yuanta Securities Investment Consulting Co (元大投顧) said in a note last week.
However, this might not last long as there is still uncertainty surrounding demand in the long term and concerns about massive capacity expansion in China in the next two to three years, Yuanta said.
Additional reporting by staff writer
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
RSS