Vice Premier Tsai Ing-wen (蔡英文) has instructed the Ministry of Economic Affairs and the Ministry of Transportation and Communi-cations to study ways to mitigate the impact on the public transport sector after price hikes by the state-run Chinese Petroleum Corp (CPC, 中油), Executive Yuan spokesman Cheng Wen-tsan (鄭文燦) said yesterday.
Cheng made the remarks after the CPC announced that prices of gasoline and diesel will be raised by NT$1 per liter, while fuel oil will be raised by NT$2,000 per kiloliter to reflect the rising costs.
Formosa Petrochemical Corp (台塑石化), another major petroleum product supplier, said it will not adjust its prices for the time being.
Company executives said that adjusting the price now will have too great an impact on every sector and that the company will adopt a cautious approach.
The executives said they will take the weekend to observe the market response before discussing a price adjustment next week.