Gasoline and diesel prices are to remain unchanged this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, as international crude oil prices fluctuated during volatile trading last week.
Saudi Arabia’s plan to extend additional production cuts until early next year and Goldman Sachs Group Inc’s expectation that OPEC would continue to cut production to stabilize prices have led the market to move between gains and losses throughout the week, CPC said in a statement.
Other factors, such as a higher-than-expected increase in US crude oil inventories last week and the weak industrial production data for last month, also weighed on the global oil market during the week, Formosa said in a separate statement.
Gasoline prices at CPC and Formosa stations are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said.
The price of premium diesel is to remain at NT$27.1 per liter at CPC stations and NT$26.9 at Formosa pumps, they said.
Semiconductor shares in China surged yesterday after Reuters reported the US had ordered chipmaking giant Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to halt shipments of advanced chips to Chinese customers, which investors believe could accelerate Beijing’s self-reliance efforts. TSMC yesterday started to suspend shipments of certain sophisticated chips to some Chinese clients after receiving a letter from the US Department of Commerce imposing export restrictions on those products, Reuters reported on Sunday, citing an unnamed source. The US imposed export restrictions on TSMC’s 7-nanometer or more advanced designs, Reuters reported. Investors figured that would encourage authorities to support China’s industry and bought shares
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US President Joe Biden’s administration is racing to complete CHIPS and Science Act agreements with companies such as Intel Corp and Samsung Electronics Co, aiming to shore up one of its signature initiatives before US president-elect Donald Trump enters the White House. The US Department of Commerce has allocated more than 90 percent of the US$39 billion in grants under the act, a landmark law enacted in 2022 designed to rebuild the domestic chip industry. However, the agency has only announced one binding agreement so far. The next two months would prove critical for more than 20 companies still in the process
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