The nation’s two major refiners yesterday announced that they would raise gasoline and diesel prices by NT$0.2 per liter from today, ending five weeks of price cuts.
Following the adjustments, domestic gasoline prices at CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) stations are to rise to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Premium diesel would cost NT$27.2 per liter at CPC stations and NT$27 at Formosa pumps.
The increases come even as international crude oil prices fell last week compared with the previous week, CPC and Formosa said in separate statements.
Front-month US West Texas Intermediate crude oil futures edged up 0.33 percent to US$69.49 per barrel on Friday, but declined 3.19 percent in the week, while Brent crude oil futures rose 0.4 percent to US$73.1 per barrel on Friday, falling 3.35 percent for the week, Dow Jones Newswires reported on Saturday.
The global oil market experienced a volatile week of trading last week, with crude prices falling earlier last week, as the Israeli military’s recent airstrikes on Iran avoided Iranian oil facilities, CPC and Formosa said.
However, it rose later in the week amid market speculation that OPEC+ could delay next month’s planned oil production increase by a month or more.
However, this week’s average price levels are still lower than the previous week’s, they said.
Separately, prices of liquefied petroleum gas (LPG) products, including household and automotive LPG, propane and butane, as well as propane and butane mixes, would remain unchanged this month, CPC said.
Liquefied natural gas prices for retail users would also stay the same this month, although prices for industrial users would rise 3 percent from last month, it added.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced