Gasoline and diesel prices are to rise this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, after keeping fuel prices unchanged for two weeks during the Lunar New Year holiday.
Gasoline prices are to increase by NT$0.5 per liter and diesel prices by NT$0.4 per liter, effective today, the companies said.
Prices at CPC and Formosa stations are to rise to NT$29.6, NT$31.1 and NT$33.1 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the prices of premium diesel fuel are to increase to NT$28.2 per liter at CPC pumps, and NT$28.0 at Formosa stations, the companies said in separate statements.
Global crude oil prices rose last week, as market sentiment was boosted by expectations of higher oil demand resulting from China’s easing of its COVID-19 restrictions, CPC said in a statement.
Sentiment in the oil market was also buoyed by news of stronger-than-expected US GDP data released last week, Formosa said in its statement.
Based on CPC’s floating oil price formula, the cost of crude oil last week increased 1.22 percent from a week earlier, it said.
The company calculates its weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude, it said.
CPC said it gasoline prices this week could have risen by NT$1.5 per liter and diesel prices by NT$1.7 per liter, but were kept in adherence to a government policy to keep consumer prices stable and fuel prices in Taiwan lower than in neighboring markets.
CPC said it would absorb part of the increases by implementing a price stabilization mechanism.
Despite heavy losses, the company last year absorbed NT$45.5 billion (US$1.5 million) in increases in the cost of crude oil, it added.
The London Metal Exchange (LME) discovered bags of stones instead of the nickel that underpinned a handful of its contracts at a warehouse in Rotterdam, the Netherlands, in a revelation that would deliver another blow to confidence in the embattled exchange. The amount of metal represents just 0.14 percent of live nickel inventories on the LME, worth about US$1.3 million at current prices, so the immediate effect on the metals markets is limited. However, the shock announcement has much wider implications. In an industry riddled with scandals, the LME’s contracts are viewed as unquestionably safe. The news that even a few of
Oil on Friday posted its worst weekly loss since the early months of the COVID-19 pandemic as banking turmoil poisoned investor sentiment. West Texas Intermediate for April delivery dropped 2.36 percent to US$66.74 per barrel, falling 12.96 percent for the week, the largest drop in almost three years. Brent crude for May delivery fell 2.32 percent to US$72.97, posting a weekly loss of 11.85 percent. The failure of Silicon Valley Bank and troubles at Credit Suisse Group AG drove investors from risk assets, with oil-options covering accelerating the sell-off. “Crude action this week reminded many of how quickly the commodity can be decimated by
Singapore pushed New York off the top spot for the strongest growth in residential rents in the final quarter of last year, fueled by a supply crunch and strong demand. The city-state saw annual rents jump 28 percent in the quarter from a year earlier, Knight Frank said in a report. New York followed with 19 percent growth, while London and Toronto took the third and fourth spots, a survey of prime residential rents across 10 cities showed. Singapore’s soaring rents — driven partly due to a lack of supply of new housing during the COVID-19 pandemic — have been a source of
US-based mobile chip designer Qualcomm Inc yesterday opened a manufacturing engineering and testing center in Hsinchu, expanding its presence in Taiwan. Qualcomm also expects to accelerate its purchases in Taiwan, which already rose to NT$240 billion (US$7.9 billion) last year, up from NT$90 billion five years earlier, and should hit NT$300 billion next year. The center is to provide services for the supply chain in the semiconductor industry, Roawen Chen (陳若文), senior vice president and chief supply chain and operations officer of Qualcomm, said at the facility’s inauguration ceremony. It is Qualcomm’s largest and most advanced engineering testing center outside of the company’s
RSS