CPC Corp, Taiwan (CPC, 台灣中油) on Saturday said it would leave its gasoline and diesel prices unchanged this week in a bid to stabilize domestic consumer prices under the government’s instructions and amid global crude oil price volatility.
Formosa Petrochemical Corp (台塑石化) yesterday said it would follow suit.
It is the fourth consecutive week that CPC and Formosa have maintained their domestic fuel prices at the same level amid the ongoing conflicts in the Middle East.
Effective today, retail gasoline prices at CPC and Formosa stations are to stay at NT$32.4 (US$1.03), NT$33.9 and NT$35.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively.
Prices for premium diesel remain at NT$31.0 per liter at CPC stations and NT$30.8 at Formosa pumps.
CPC said it expects to absorb losses this week of NT$2.7 and NT$4.4 per liter for gasoline and diesel prices respectively, as the company aims to keep domestic fuel prices lower than those in neighboring markets to cap inflationary pressure.
Under the CPC floating price mechanism, which comprises a weighting of 70 percent Dubai and 30 percent Brent crude oil prices, average international oil prices last week fell to US$103.63 per barrel from US$107.44 per barrel the previous week.
Since the US and Israel attacked Iran at the end of February, CPC has absorbed about NT$12.4 billion (US$393.45 million) in losses, the company said.
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
Micron Technology Inc is a driving force pushing the US Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to people familiar with the matter. A US House of Representatives panel yesterday was to vote on the “MATCH Act,” a bill designed to close gaps in restrictions on chipmaking equipment. It would also pressure foreign companies that sell equipment to Chinese chipmaking facilities to align with export curbs on US companies like Lam Research Corp and Applied Materials Inc. The bill targets facilities operated by China’s ChangXin Memory Technologies Inc
Singapore-based ride-hailing and delivery giant Grab Holdings’ planned acquisition of Foodpanda’s Taiwan operations has yet to enter the formal review stage, as regulators await supplementary documents, the Fair Trade Commission (FTC) said yesterday. Acting FTC Chairman Chen Chih-min (陳志民) told the legislature’s Economics Committee that although Grab submitted its application on March 27, the case has not been officially accepted because required materials remain incomplete. Once the filing is finalized, the FTC would launch a formal probe into the deal, focusing on issues such as cross-shareholding and potential restrictions on market competition, Chen told lawmakers. Grab last month announced that it would acquire
RSS